Frequently asked questions relating to the Newcastle Building Society Solicitor Panel from members of the public
My lawyer has never been on on the Newcastle Building Society Approved Panel. Is it possible for me to retain my preferred solicitor notwithstanding that they are excluded from the Newcastle Building Society panel of approved conveyancing solicitors?
You have a number of options available to you here:
- Carry on with your preferred solicitors but Newcastle Building Society will need to instruct a lawyer on the Newcastle Building Society conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Newcastle Building Society conveyancing panel.
- Urge your lawyer to apply to join the Newcastle Building Society lender panel
I am buying a brand new flat and my conveyancer is advising me that she has to disclose incentives from the seller as her firm is on the Newcastle Building Society conveyancing panel. I am under pressure to exchange and I have no desire to prolong 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 Newcastle Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Newcastle 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.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Newcastle Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am purchasing a new build flat and getting a mortgage with Newcastle Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Newcastle Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Newcastle Building Society conveyancing panel in your location.
My brother and I have had an offer accepted on a flat I spoke to a conveyancer previously used by my uncle and he advised retaining a law firm approved by Newcastle Building Society. The estate agent recommended two local firms so I asked Newcastle Building Society if the 2 suggested solicitors are approved, which they are not. Newcastle Building Society pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Newcastle Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Newcastle Building Society for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Newcastle Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Newcastle Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Newcastle Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
My existing mortgage is with Newcastle Building Society. My father retired last week and wants to pay off my mortgage. After Newcastle Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Newcastle Building Society conveyancing panel? I do not intend to live at the property once the Newcastle Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Newcastle Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
Newcastle Building Society 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 Newcastle Building Society or your broker and complete any relevant paperwork. Newcastle Building Society will tell you what documents they want. Newcastle Building Society 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. Newcastle Building Society 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.