New Street Mortgages Conveyancing Panel Example Support Desk Enquires from members of the public
On what basis would a firm of solicitors be removed from the New Street Mortgages solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by New Street Mortgages
My lawyer has requested from me personal identification documents asserting that this is part of his requirements as a conveyancer on the New Street Mortgages Conveyancing panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with New Street Mortgages your lawyer also has to check ID documents to satisfy New Street Mortgages
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the New Street Mortgages solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in Wales, FTBs buying with a mortgage (lender is New Street Mortgages , but our lawyer is on the New Street Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the New Street Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing solicitors on the New Street Mortgages conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
My brother and I have agreed a price on a apartment I spoke to a solicitor previously used by my mum and he suggested instructing a law firm approved by New Street Mortgages. The estate agent recommended two local firms so I asked New Street Mortgages if the 2 suggested solicitors are approved, which they are not. New Street Mortgages pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of New Street Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask New Street Mortgages for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the New Street Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto New Street Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet New Street Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
My husband and I are buying a flat in Hendon. Conveyancing solicitors in Hendon need to beinstructed. My agentrecommended that we enquire that the conveyancing practitioner in Hendon is on the New Street Mortgages solicitors panel. Is this really necessary?
Not all Hendon conveyancing firms are on the New Street Mortgages conveyancing panel. 8 people a month use our search tool to search for a Hendon conveyancing firm on the on the New Street Mortgages list of approved conveyancing firms.