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New Street Mortgages Conveyancing Panel : Questions and Answers
It has come to my attention via my lender that my lawyer is not on the New Street Mortgages Solicitor panel. What can I do to be sure that this is correct?
You need to contact your lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the the approved New Street Mortgages solicitor panel.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company New Street Mortgages will not agree to this. Why was New Street Mortgages even consulted?
Your lawyer being on the New Street Mortgages conveyancing panel is duty bound to inform New Street Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to New Street Mortgages then they would have to discontinue acting for you and New Street Mortgages.
Whilst your website is a good idea there are many lawyers listed near Coventry on the New Street Mortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for New Street Mortgages ?
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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My solicitors in Manchester have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with New Street Mortgages. Is it case that being on the New Street Mortgages conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the New Street Mortgages Conveyancing Panel Terms. It might be worth you contacting New Street Mortgages directly.
I previously instructed online solicitors based in Bristol who are on the New Street Mortgages solicitor panel. They have just invoiced me a separate fee of £135 for the legal aspects of the New Street Mortgages mortgage. Is this an additional conveyancing fee set by New Street Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by New Street Mortgages but by your lawyers. Some firms on the New Street Mortgages will charge an ‘acting for lender’ fee and others do not.
I have a mortgage with New Street Mortgages. My uncle retired last week and wants to pay off the mortgage left on the property. After New Street Mortgages is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the New Street Mortgages conveyancing panel? I do not intend to live at the property once the New Street Mortgages mortgage is discharged.
You
will need a solicitor but they need not be on the New Street Mortgages conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
My ex -wife’s name is on the New Street Mortgages mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the New Street Mortgages mortgage in order to sell?
In terms of the New Street Mortgages mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of New Street Mortgages in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
Other Topics
Transfer of Equity for New Street MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors