New Street Mortgages Conveyancing Panel Information

The CML do not retain historic copies of the Part 2's Pre January 2011. We would recommend you contact New Street Mortgages directly.

There are many reports available, five of which are as follows:

• Average time frame to register charges at the Land Registry
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Average mortgage advance
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)

Please tread carefully here as what you are proposing may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell New Street Mortgages immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in New Street Mortgages’s mortgage offer are correct. If they are not, please let New Street Mortgages know as soon as possible as it will be necessary for New Street Mortgages to check with the valuer whether the valuation needs to be revised. New Street Mortgages conveyancing panel solicitors are not expected to assume the role of valuer. New Street Mortgages are simply trying to ensure that the valuer has valued the property based on correct information. (III) New Street Mortgages recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. New Street Mortgages recommend that, if we send a copy of a valuation report that New Street Mortgages have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from New Street Mortgages or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the New Street Mortgages conveyancing panel

In this situation please explain on the application what action you have taken to find out the reasons behind cancellation of your New Street Mortgages panel membership. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You should get in touch with New Street Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit section for lenders to reveal who to contact to obtain standard documents. New Street Mortgages in their Part 2’s state: Always remember to disclose your New Street Mortgages conveyancing panel number.