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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.
Looking for information about your firm's panel status?
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
Q and A’s regarding the Newbury Building Society Conveyancing Panel
I need to swap lawyers as my lawyer is not on the Newbury Building Society panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Newbury Building Society was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor has advised that as she is on the Newbury Building Society conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
A precondition to being on the Newbury Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Newbury Building Society)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Newbury Building Society.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Newbury Building Society conveyancing panel?
The firms themselves provide us confirmation that they are on the Newbury Building Society conveyancing panel as opposed to being supplied with a list from Newbury Building Society directly.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Newbury Building Society Conveyancing panel in advance of the completion date?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Newbury Building Society conveyancing panel requirements are different to Newbury Building Society’s conveyancing panel requirements.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Newbury Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Newbury Building Society your lawyer must to check the Newbury Building Society conveyancing instructions contained in the Part of CML Handbook for Newbury Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Newbury Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
After shopping around on the internet I have found a solicitor having made sure that they are on the Newbury Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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I've digested plenty 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.