Newbury Building Society Solicitor Panel Example Support Desk Enquires from members of the public
We are purchasing a 2 bedroom flat in Hackney with a mortgage from Newbury Building Society. We like our solicitor but Newbury Building Society says he's not on their "panel". We have to appoint one of the Newbury Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Newbury Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Newbury Building Society
I am purchasing a brand new duplex and my conveyancer is telling me that she has to disclose incentives from the seller as her practice is on the Newbury Building Society conveyancing panel. I am nearing the developer’s deadline to exchange and I would rather not delay matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Newbury Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Newbury Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been looking for conveyancing quotes online. Can I be confident that all the firms that are listed on your site are on the Newbury Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the Newbury Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Newbury Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Newbury Building Society conveyancing panel is incorrect.
My lawyers in London have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Newbury Building Society. Is it case that being on the Newbury Building Society conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Newbury Building Society Conveyancing Panel Terms. It might be worth you contacting Newbury Building Society directly.
I am selling my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Newbury Building Society are being difficult. The solicitor who is on the Newbury Building Society conveyancing panel is recommending indemnity insurance as a solution but Newbury Building Society are requiring a building regulation certificate. Why do Newbury Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Newbury Building Society have referred the matter to their valuer. The reason why Newbury Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
I was told four weeks ago that my mortgage has been agreed
to by Newbury Building Society. Is it usual for Newbury Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Newbury Building Society to deal with your lawyers application to be on the Newbury Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Newbury Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Newbury Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Newbury Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.