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approved by Newbury Mortgage Services
Ready to buy a new home? Failing to check that a lawyer is on the Newbury Mortgage Services 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 Mortgage Services Ltd Conveyancing Panel? How can my firm be reinstated onto the Newbury Mortgage Services Ltd Conveyancing Panel?Find an Approved Solicitor on the Newbury Mortgage Services Ltd Conveyancing Panel
FAQs : The Newbury Mortgage Services Conveyancing Panel
Am I correct in assuming that the fact that my conveyancer is not on the Newbury Mortgage Services Solicitor panel that there is a problem with the quality of his work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Newbury Mortgage Services.
We are nearing an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Newbury Mortgage Services. I am advised that, being on the Newbury Mortgage Services conveyancing panel and acting on their behalf he must inform Newbury Mortgage Services if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Newbury Mortgage Services to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Newbury Mortgage Services if you agree, failing which, your lawyer must cease to continue acting.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Newbury Mortgage Services solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am considering applying for a Newbury Mortgage Services mortgage for purchase of a newly converted (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Newbury Mortgage Services?
There is nothing to stop you using your solicitor but Newbury Mortgage Services will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
When it comes to lenders such as Newbury Mortgage Services do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Newbury Mortgage Services panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Intending to buy a flat with a mortgage with Newbury Mortgage Services. 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 Newbury Mortgage Services 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 Newbury Mortgage Services conveyancing panel