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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.
Looking for information about your firm's panel status?
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
Common questions asked concerning the Newbury Mortgage Services Conveyancing Panel
For what reasons would a law firm be excluded from the Newbury Mortgage Services approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by 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.
Whilst your website is a good idea there are many lawyers listed near London on the Newbury Mortgage Services conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Newbury Mortgage Services approved panel?
We are not in the business of recommending one firm above another 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..
The solicitors that I appointed last week on my house acquisition in London has without warning closed. I chose them because I had to have a solicitor on the Newbury Mortgage Services conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Newbury Mortgage Services conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help
My husband and I are at the point of looking at apartments and am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Newbury Mortgage Services
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Newbury Mortgage Services , make sure you remember to check that your lawyer is on the Newbury Mortgage Services conveyancing panel.
The mortgage over my property is with Newbury Mortgage Services. Conveyancing was finalised some time ago. If I am intending 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 Newbury Mortgage Services?
Your original mortgage agreement with Newbury Mortgage Services will provide that you need their approval prior to renting your property as this is likely to be a breach of Newbury Mortgage Services’s mortgage conditions. It may be that Newbury Mortgage Services 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 Newbury Mortgage Services directly. You need not do this via a Newbury Mortgage Services conveyancing panel firm.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Newbury Mortgage Services?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Newbury Mortgage Services conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Newbury Mortgage Services and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.