NRAM Ltd Conveyancing Panel : Questions and Answers from members of the public
My IFA has asked me for my law firm’s panel member for the NRAM Ltd conveyancing panel. How do I discover this. I have contacted my local NRAM Ltd office but they don't know it.
You are best placed to get this information from your conveyancing lawyer. They should have a central record lender panel numbers including the NRAM Ltd panel reference.
Much to my surprise my conveyancer has requested from me identification documents stating that this forms part of his legal duty as a solicitor on the NRAM Ltd Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with NRAM Ltd your lawyer also has to check ID documents to satisfy NRAM Ltd
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the NRAM Ltd conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the NRAM Ltd conveyancing panel as opposed to being supplied with a list from NRAM Ltd directly.
I am purchasing a new build flat and getting a mortgage with NRAM Ltd. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the NRAM Ltd 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 NRAM Ltd conveyancing panel in your location.
What are the common reasons for a lender such as NRAM Ltd to withdraw a mortgage offer?
Lenders such as NRAM Ltd can withdraw their mortgage offer although this rarely happens. should NRAM Ltd withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. NRAM Ltd may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Where the lender has to take account a recent change in law
- Where the sale is not at arms length for value to unconnected persons
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I have instructed a lawyer having checked that they are on the NRAM Ltd conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the NRAM Ltd conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
NRAM Ltd will need an independent valuation of the property. Your lawyer will not arrange this. Usually NRAM Ltd will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with NRAM Ltd you could contact your them to see if they have a list of approved surveyors.
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.
