Common questions asked concerning the Newbury Building Society Conveyancing Panel from members of the public
The conveyancer I had intended to instruct on a remortgage said she would charge more if my mortgage is with Newbury Building Society because of their difficult processes! Will I regret using Newbury Building Society? Is Newbury Building Society conveyancing so much more difficult?
Newbury Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Newbury Building Society conveyancing panel. If they are not, this does add further risk of delay as Newbury Building Society will appoint their own solicitors to look after their interest.
I am due to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Newbury Building Society. What risks do Newbury Building Society expect the insurance to cover?
Any lawyer on the Newbury Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Newbury Building Society’s Part 2 requirements of the CML Handbook (last updated on Newbury Building Society). Being on the Newbury Building Society conveyancing panel your lawyer is expect to follow these requirements.
What tools are available to find a local solicitor on the Newbury Building Society conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the conveyancer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Newbury Building Society solicitor panel.
My grandfather passed away six months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Newbury Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Newbury Building Society will insist on your using a conveyancer on the Newbury Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Newbury Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Newbury Building Society mortgage is registered as a charge at the Land Registry.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I hope to get a mortgage with Newbury Building Society. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Newbury Building Society involved you will need to appoint a solicitor on the Newbury Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Newbury Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Newbury Building Society conveyancing panel.
For 5 years I had a mortgage with Newbury Building Society. My godfather has just retired and wants to pay off my mortgage. After Newbury Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Newbury Building Society conveyancing panel? I do not intend to live at the property once the Newbury Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Newbury Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
Intending to buy a flat with a mortgage with Newbury Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Newbury Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Newbury Building Society conveyancing panel