NRAM Ltd Conveyancing Panel Sample Enquires to our Call Center from members of the public
My fiance and I are FTBs. Within the 48 hours our property lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. NRAM Ltd have this morning contacted us to inform me that there is now an issue as our conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact NRAM Ltd and see if they can apply for membership of the NRAM Ltd conveyancing panel, but if that is not viable NRAM Ltd will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the NRAM Ltd conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
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 NRAM Ltd will not agree to this. Why was NRAM Ltd even consulted?
Your lawyer being on the NRAM Ltd conveyancing panel is duty bound to inform NRAM Ltd of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to NRAM Ltd then they would have to discontinue acting for you and NRAM Ltd.
I am Googling for conveyancing quotes online. Can I be sure that all the practices that are listed on your directory are on the NRAM Ltd conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the NRAM Ltd panel and agreed to advise us to take down their listing in the event of removal off of the NRAM Ltd panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the NRAM Ltd conveyancing panel is incorrect.
We're in Wales, First timers purchasing with a mortgage (lender is NRAM Ltd , but our solicitor is on the NRAM Ltd conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the NRAM Ltd 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
How can we tell if a solicitor on the NRAM Ltd panel is any good?
Getting recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer carrying out your transaction
My ex -wife’s name is on the NRAM Ltd mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the NRAM Ltd mortgage in order to sell?
In terms of the NRAM Ltd mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of NRAM Ltd in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
NRAM Ltd 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 NRAM Ltd or your broker and complete any relevant paperwork. NRAM Ltd will tell you what documents they want. NRAM Ltd 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. NRAM Ltd 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.
