Frequently asked questions relating to the Norwich and Peterborough Building Society Solicitor Panel from members of the public
I appointed a solicitor to carry out on my remortgage six weeks ago having applied for a mortgage with Norwich and Peterborough Building Society. The solicitors reassured me that they are on Norwich and Peterborough Building Society conveyancing panel and gave me their panel number. Norwich and Peterborough Building Society then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for Norwich and Peterborough Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Norwich and Peterborough Building Society as to the time frame to get your lawyer reinstated on the panel once again.
My solicitor has identified a difference when comparing the surveyor’s assumptions in Norwich and Peterborough Building Society’s valuation report and what is revealed within the legal papers for the property. My solicitor informs me that as he is on the Norwich and Peterborough Building Society conveyancing panel he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action right?
A precondition to being on the Norwich and Peterborough Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Norwich and Peterborough Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Norwich and Peterborough Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
Please explain the implications if my solicitor is removed from the Norwich and Peterborough Building Society Solicitor panel in advance of the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
When it comes to mortgage companies such as Norwich and Peterborough Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
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.
Do conveyancing lawyers on the Norwich and Peterborough Building Society conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I have a mortgage with Norwich and Peterborough Building Society. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Norwich and Peterborough Building Society?
You must advise Norwich and Peterborough Building Society in advance of renting your property as this is likely to be a breach of Norwich and Peterborough Building Society’s mortgage conditions. It may be that Norwich and Peterborough Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Norwich and Peterborough Building Society directly. You need not do this via a Norwich and Peterborough Building Society conveyancing panel lawyer.
