NRAM Ltd Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am selling my house and the EA has just telephoned to say that the buyers are switching conveyancer. The reason given is that NRAM Ltd will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only work with certain law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our conveyancer has uncovered a legal deficiency with the lease for the property we are purchasing. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the NRAM Ltd conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is NRAM Ltd?
Just because you have a mortgage offer from NRAM Ltd does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and NRAM Ltd are the client. The appropriate lender requirements have to be complied with by the NRAM Ltd conveyancing panel who has to balance acting for you and NRAM Ltd
What tools are available to find a local solicitor on the NRAM Ltd conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the lawyer.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the NRAM Ltd solicitor panel.
Please explain the implications if my lawyer’s firm is removed from the NRAM Ltd Solicitor panel before the moving date as agreed at exchange of contracts?
The first thing to point out is that, 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 for a fee.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with NRAM Ltd. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with NRAM Ltd you will need to appoint a solicitor on the NRAM Ltd conveyancing panel.
I currently have a mortgage with with NRAM Ltd. Conveyancing has been completed a year 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 buy-to-let mortgage or inform NRAM Ltd?
NRAM Ltd must be informed of your intention in advance of letting out your property as this is likely to be a breach of NRAM Ltd’s mortgage conditions. In many cases banks or building societies 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 NRAM Ltd directly. It should not be necessary to do this via a NRAM Ltd conveyancing panel firm.
Planning on purchasing a flat with a mortgage with NRAM Ltd. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the NRAM Ltd conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the NRAM Ltd conveyancing panel