Newbury Mortgage Services Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. COMPLETIONmonitor is a unique risk management tool.

This software facilitates the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with alerts on Newbury Mortgage Services’s changes. Notwithstanding that utilising this technology is not a prerequisite for Newbury Mortgage Services , demonstrating you can stay up to date with Newbury Mortgage Services’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, safeguard your panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by Newbury Mortgage Services

Mortgage companies often change their requirements. The BSA instructions from Newbury Mortgage Services are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2010, Newbury Mortgage Services has made 12 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 227.5 days. In total, 9% of the sections of the BSA Requirements for Newbury Mortgage Services have been changed since 26/1/2010.

To find out more about lender panel compliance,

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Q and A’s regarding the Newbury Mortgage Services Solicitor Panel from members of the public

I am in the process of selling my maisonette and the EA has just telephoned to advise that the buyers are changing their conveyancer. The excuse is that Newbury Mortgage Services will only engage with solicitors on their approved list. Why would a leading lender only work with specific solicitors?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.

Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.

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 Newbury Mortgage Services will not agree to this. Why was Newbury Mortgage Services even consulted?
Your lawyer being on the Newbury Mortgage Services conveyancing panel is duty bound to inform Newbury Mortgage Services of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Newbury Mortgage Services then they would have to discontinue acting for you and Newbury Mortgage Services.
What tools are available to find a local solicitor on the Newbury Mortgage Services conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the solicitor.
You can use 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 Mortgage Services solicitor panel.
I am thinking of remortgaging my flat does my lawyer need to be on the Newbury Mortgage Services Conveyancing panel?
In theory, you could use a solicitor that is not on Newbury Mortgage Services conveyancing panel, but Newbury Mortgage Services would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Newbury Mortgage Services be concerned
As your lender is Newbury Mortgage Services your lawyer must to check the Newbury Mortgage Services conveyancing instructions contained in the Part of CML Handbook for Newbury Mortgage Services . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Newbury Mortgage Services where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
We expect to receive a DIP from Newbury Mortgage Services this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Newbury Mortgage Services recommend a solicitor on the Newbury Mortgage Services conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Newbury Mortgage Services conveyancing panel. The solicitor represents both you and the Newbury Mortgage Services through the process.
My offer was accepted on a property on the 5th March 2014, valuation was booked 2 days later, received a clean bill of health. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Newbury Mortgage Services and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Newbury Mortgage Services conveyancing panel. Are Newbury Mortgage Services entitled to hold back the Mortgage pending the lawyer being on the approved list?
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 Mortgage Services to deal with your lawyers application to be on the Newbury Mortgage Services conveyancing panel. There's no guarantee that your solicitors will be accepted.