Frequently asked questions relating to the Newcastle Building Society Conveyancing Panel from members of the public
My fiance and I are hoping to buy a 1 bedroom flat in London with a mortgage from Newcastle Building Society. We like our lawyer but Newcastle Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Newcastle Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; 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 Newcastle 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Newcastle Building Society
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 Newcastle Building Society. What does the insurance need to cover?
All property lawyers on the Newcastle 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 Newcastle Building Society’s Part 2 requirements of the CML Handbook (last updated on Newcastle Building Society). Being on the Newcastle Building Society conveyancing panel your lawyer is expect to follow these instructions.
Your search tool is useful but there are many lawyers listed near Middlesbrough on the Newcastle Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Newcastle Building Society ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I would like to get my ex-husband removed the mortgage deeds. Can Newcastle Building Society really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Newcastle Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Newcastle Building Society solicitors panel
When it comes to mortgage companies such as Newcastle Building Society 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.
We expect to receive a DIP from Newcastle Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Newcastle Building Society recommend a solicitor on the Newcastle Building Society 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 Newcastle Building Society conveyancing panel. The solicitor represents both you and the Newcastle Building Society through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Newcastle Building Society are being a right pain. The solicitor who is on the Newcastle Building Society conveyancing panel is saying indemnity insurance will be fine but Newcastle Building Society are requiring a building regulation certificate. Why do Newcastle Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Newcastle Building Society have referred the matter to their valuer. The reason why Newcastle 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.