Find an Approved Solicitor on the New Life Mortgages Ltd
Conveyancing Panel
FAQs for the New Life Mortgages Solicitor Panel
I am in the process of selling my apartment and the EA has just texted me to say that the purchasers are switching conveyancer. The excuse is that New Life Mortgages will only engage with solicitors on their approved list. On what basis would a leading mortgage company only engage with certain solicitors?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I am buying a new build apartment and my conveyancer is advising me that she has to reveal incentives from the seller as her firm is on the New Life Mortgages conveyancing panel. I am under pressure to exchange and I dont want to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the New Life Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on New Life Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the New Life Mortgages 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.
The firm that I recently instructed on my purchase in Hendon has suddenly shut down. I only went with them because I needed a solicitor on the New Life Mortgages conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will 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 New Life Mortgages 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 assist
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the New Life Mortgages conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I had instructed online solicitors located in Cardiff who are on the New Life Mortgages solicitor panel. They are now charging me a separate fee of £195 for the legal aspects of the New Life Mortgages mortgage. Is this an additional conveyancing fee set by New Life 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 Life Mortgages but by your lawyers. Some firms on the New Life Mortgages will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a New Life Mortgages conveyancing panel complaints department or do I complain directly to the law firm?
Complaining to New Life Mortgages about their conveyancing panel is unlikely to yield much of a response. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.