FAQs : The Newcastle Building Society Solicitor Panel from members of the public
The conveyancer my fiance and I had intended to instruct on a purchase said she will levy higher legal fees if my mortgage is with Newcastle Building Society because of their difficult processes! Will I regret using Newcastle Building Society? Any comments will be appreciated
Newcastle Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Newcastle Building Society conveyancing panel. If they are not, this does add further risk of delay as Newcastle Building Society will appoint their own solicitors to look after their interest.
My husband and I changing mortgage lender for our penthouse with Newcastle Building Society. We have a son approaching twenty who lives with us. The solicitor on the Newcastle Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Newcastle Building Society conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Newcastle Building Society .This is solely used to protect the Newcastle Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Newcastle Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I have to pop into the offices of the Newcastle Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Newcastle
so that I can pop in to their offices if necessary.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
.
I was scheduled to complete on my flat last Thursday. My solicitor is on the Newcastle Building Society conveyancing panel but has moved offices in the past couple of months and had not informed Newcastle Building Society of their new address. Newcastle Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. 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 Newcastle Building Society branch or your mortgage broker to see if they can help.
When it comes to mortgage companies such as Newcastle Building Society do lawyers 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.
After much negotiation I have agreed a price on a house. My financial adviser suggested a solicitor I paid an upfront payment of 175. 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.
My offer was accepted on a property on the 5th March 2014, valuation was booked 3 days after, all came back fine. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Newcastle Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Newcastle Building Society conveyancing panel. Are Newcastle Building Society 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 Newcastle Building Society to deal with your lawyers application to be on the Newcastle Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
