New Street Mortgages Conveyancing Panel Information

The Council of Mortgage Lenders, along with New Street Mortgages and other members created a standard set of requirements where a solicitor is acting for a lender such as New Street Mortgages alone in a residential conveyancing matter. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

One might ordinarily expect New Street Mortgages via their Part 2 requirements to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of New Street Mortgages’s Conveyancing Panel Appointment that you are bound by. For many lender's these Terms include a clause such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep New Street Mortgages updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with New Street Mortgages as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from New Street Mortgages we suggest that you call New Street Mortgages to check the position.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by New Street Mortgages. Some changes are more important than others but as a firm on the New Street Mortgages conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

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

You would be advised to communicate with New Street Mortgages to obtain standard documents. The CML Handbook includes an individual section for banks to enumerate who to contact to obtain standard documents. New Street Mortgages in their Part 2’s state: Don’t forget to quote your New Street Mortgages solicitors panel reference.