Q and A’s regarding the Newcastle Building Society Solicitor Panel from members of the public
I am in the process of selling my maisonette and the EA has just called to say that the purchasers are swapping solicitor. I am told that this is due to the fact that Newcastle Building Society will only work with property lawyers on their conveyancing panel. Why would a leading lender only work with specific law firms?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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 Newcastle Building Society will not agree to this. Why was Newcastle Building Society even consulted?
Your lawyer being on the Newcastle Building Society conveyancing panel is duty bound to inform Newcastle Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Newcastle Building Society then they would have to discontinue acting for you and Newcastle Building Society.
I need to find a Newcastle Building Society panel solicitor in Belfast. Could you help me?
Unfortunately it’s not apparent why you need a Newcastle Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Newcastle Building Society to find out which solicitors in Newcastle Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
We're in Wales, FTBs buying with a mortgage (lender is Newcastle Building Society , but our solicitor is on the Newcastle Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Newcastle Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is there a list of Newcastle Building Society panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Two weeks ago we had a mortgage agreed in principle with Newcastle Building Society. Solicitors have been appointed? How long does it take for Newcastle Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Newcastle Building Society conducted the survey? Have you advised Newcastle Building Society as your lawyers details and checked that your lawyer is on the Newcastle Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
After much negotiation I have agreed a price on a house. My financial adviser suggested a solicitor I paid an upfront payment of 225. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Newcastle Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Newcastle Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.