Q and A’s regarding the Newbury Mortgage Services Solicitor Panel from members of the public
Am I correct in assuming that the fact that my solicitor is not identified on the Newbury Mortgage Services Solicitor panel that there is a problem with the standard of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack 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. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Newbury Mortgage Services.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Newbury Mortgage Services was issued random date and we have agreed a date for me to move into the property on Tues etc. My lawyer informs me that as she is on the Newbury Mortgage Services conveyancing panel she needs to reorder the searches as they are no longer valid.
A precondition to being on the Newbury Mortgage Services approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Newbury Mortgage Services)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Newbury Mortgage Services.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Newbury Mortgage Services conveyancing panel. My lawyer has said that they are on the Newbury Mortgage Services approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Newbury Mortgage Services conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Newbury Mortgage Services solicitor panel.
I was due to move into my flat last Friday. My lawyer’s firm is on the Newbury Mortgage Services solicitors panel but has moved offices 8 weeks ago and had not advised Newbury Mortgage Services of their new address. Newbury Mortgage Services has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Newbury Mortgage Services branch or your mortgage broker to see if they can assist.
When it comes to mortgage companies such as Newbury Mortgage Services do solicitors have to be pay a fee to be on the list of approved solicitors?
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.
The mortgage over my property is with Newbury Mortgage Services. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Newbury Mortgage Services?
Your original mortgage agreement with Newbury Mortgage Services will provide that you need their approval in advance of renting your property as this is likely to be a breach of Newbury Mortgage Services’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Newbury Mortgage Services directly. It should not be necessary to do this via a Newbury Mortgage Services conveyancing panel solicitor.
Newbury Mortgage Services 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 Newbury Mortgage Services or your broker and complete any relevant paperwork. Newbury Mortgage Services will tell you what documents they want. Newbury Mortgage Services 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. Newbury Mortgage Services 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.