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approved by Newbury Building Society
Ready to buy a new home? Failing to check that a lawyer is on the Newbury Building Society list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Newbury Building Society Conveyancing Panel? How can my firm be reinstated onto the Newbury Building Society Conveyancing Panel?Find an Approved Solicitor on the Newbury Building Society Conveyancing Panel
Newbury Building Society Solicitor Panel Recently Asked Questions
Can you please explain the reason why all UK lawyers aren't included on the Newbury Building Society Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My grandson is in the process of securing a house that has just been built with a home loan from Newbury Building Society. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Newbury Building Society conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Newbury Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Whilst your website is a good idea there are many lawyers listed near London on the Newbury Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Newbury Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am in the process of mortgaging my house does my lawyer need to be on the Newbury Building Society Solicitor panel?
In theory, you could use a solicitor that is not on Newbury Building Society conveyancing panel, but Newbury Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
We were going to get a DIP from Newbury Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Newbury Building Society recommend a solicitor on the Newbury Building Society conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Newbury Building Society conveyancing panel. The solicitor represents both you and the Newbury Building Society through the process.
I am currently in the process of buying my council flat. I have a mortgage agreed with Newbury Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Newbury Building Society you will need to appoint a solicitor on the Newbury Building Society conveyancing panel.
I have instructed a lawyer having checked that they are on the Newbury Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots 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 Newbury Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Newbury Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Newbury Building Society 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 Newbury Building Society you could contact your them to see if they have a list of approved surveyors.