New Street Mortgages Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk management tool.

This software is the only way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on New Street Mortgages’s changes. Notwithstanding that utilising the software is not a prerequisite for New Street Mortgages , demonstrating you can remain up to date with New Street Mortgages’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. It is also user friendly, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by New Street Mortgages

Banks and building societies often change their requirements. The UK Finance Lenders’ Handbook requirements from New Street Mortgages are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, New Street Mortgages has made 130 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 21.0 days. In total, 7% of the sections of P2 of the UK Finance Lenders’ Handbook for New Street Mortgages have been changed since 15/12/2008.

To find out more about lender panel compliance,

Book a Personalised Demo

Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 04/06/2018 CML
6.7.1 06/11/2017 CML
6.7.4 06/11/2017 CML
5.20.3 06/11/2017 CML
5.14.1 19/10/2017 CML
4.1 21/03/2016 CML
6.7.1 23/02/2016 CML
6.4.4 08/02/2016 CML
6.6.3 08/02/2016 CML
5.20.3 08/02/2016 CML

Last update 13/05/2019

Q and A’s regarding the New Street Mortgages Solicitor Panel from members of the public

For what reasons could a law firm be removed from the New Street Mortgages solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
  1. Low volume of transactions
  2. the lawyer is a sole practitioner
  3. as part of the HSBC panel reduction
  4. regulatory contact by SRA
  5. accidental removal. We are not aware of the specific or common criteria for removal by New Street Mortgages
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company New Street Mortgages will not agree to this. Why was New Street Mortgages even consulted?
Your lawyer being on the New Street Mortgages conveyancing panel is duty bound to inform New Street Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to New Street Mortgages then they would have to discontinue acting for you and New Street Mortgages.
How up to date is your search tool for the New Street Mortgages conveyancing panel? Do New Street Mortgages send you an updated list?
The firms themselves provide us confirmation that they are on the New Street Mortgages conveyancing panel as opposed to being supplied with a list from New Street Mortgages directly.
I am buying a new build flat and getting a mortgage with New Street Mortgages. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the New Street Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the New Street Mortgages conveyancing panel in your location.
When it comes to mortgage companies such as New Street Mortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Two weeks ago we had a mortgage agreed in principle with New Street Mortgages. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from New Street Mortgages?
There is no definitive answer here. Have New Street Mortgages done the survey? Have you advised New Street Mortgages as your lawyers details and checked that your lawyer is on the New Street Mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
New Street Mortgages have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up New Street Mortgages or your broker and complete any relevant paperwork. New Street Mortgages will tell you what documents they want. New Street Mortgages will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. New Street Mortgages will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.