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Common questions asked concerning the New Street Mortgages Conveyancing Panel
Is there a reason why all property lawyers aren't included on the New Street Mortgages Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Our lawyer has uncovered a legal deficiency with the lease for the apartment we are purchasing. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the New Street Mortgages conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or New Street Mortgages?
Just because you have a mortgage offer from New Street Mortgages 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 New Street Mortgages are the client. These conveyancing instructions have to be complied with by the New Street Mortgages conveyancing panel who has to balance acting for you and New Street Mortgages
I am searching for conveyancing quotes online. Can I be assured that all the law firms that are listed on your site are on the New Street Mortgages conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the New Street Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the New Street Mortgages panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the New Street Mortgages conveyancing panel is incorrect.
My house is up for sale and I have a buyer. Does my solicitor have to be on the New Street Mortgages conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the New Street Mortgages conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My wife and I have arranged a further advance on our mortgage from New Street Mortgages as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the New Street Mortgages conveyancing panel to deal with the legals?
New Street Mortgages would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the New Street Mortgages panel
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with New Street Mortgages. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with New Street Mortgages involved you will need to appoint a solicitor on the New Street Mortgages conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to New Street Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the New Street Mortgages conveyancing panel.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with New Street Mortgages. Conveyancing is new to me. 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 New Street Mortgages you will need to appoint a solicitor on the New Street Mortgages conveyancing panel.
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Transfer of Equity for New Street MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors