Looking for information about your firm's panel status?
Newbury Mortgage Services Solicitor Panel Information:
What are the Newbury Mortgage Services conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
The Society operates a panel of conveyancers. Acceptance to the panel is subject to application and the following requirements:
• Firm must have at least four qualifying partners.
• Current registration with SRA / CLC.
• Professional Indemnity Insurance with minimum £2m cover.
• For solicitors, CQS accreditation
• All firms must have been practicing for a minimum of 5 years.
Firms that are set up as Alternative Business Structures are accepted if the underlying legal practice has been in existence at least 5 years and meets the above requirements.
Conveyancers that are not on the panel will be invited on receipt of a mortgage application where the client proposes them to act.
For commercial applications the lender will instruct their own solicitor (separate legal representation).
Contact Newbury Building Society’s Mortgage Underwriting Team 01635 555700, for an application.
You must also comply with the terms and conditions of your Newbury Mortgage Services solicitor panel appointment.
Is it conceivable that Newbury Mortgage Services will appoint a different solicitor on the Newbury Mortgage Services solicitor panel for a further advance during the lifetime of a mortgage ?
The BSA Mortgage Instructions relevant to a solicitor on the Newbury Mortgage Services conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Newbury Mortgage Services conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction will need to be followed .
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Newbury Mortgage Services conveyancing panel ?
Lexsure has not been advised of any plans on the part of the BSA to promote such a register .
Will the fact that my firm subscribes to Alerts via this site help in my application to join the Newbury Mortgage Services solicitor panel?
The requirements to join the Newbury Mortgage Services conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
An established client of mine is purchasing a new build house for
£607,500 in Cheshire with a mortgage over GBP 440,000.
I am on the Newbury Mortgage Services conveyancing panel but do Newbury Mortgage Services have a separate approved panel when a mortgage is above 300,000?
We only know of two or three banks that operate a distinct conveyancing panel where the mortgage advance is over a certain amount.
You should nevertheless check directly with Newbury Mortgage Services. At one stage HSBC would only allow Sole practitioners to act for
them where the mortgage was below £150,000. We are not sure if HSBC
still operate such a condition. In your case it is best to check with
Newbury Mortgage Services
Being on the Newbury Mortgage Services conveyancing panel for what period of time am I obliged to keep hold of the original conveyancing file?
The BSA Mortgage Instructions state that the firm must keep the file for a minimum six years from the date of the mortgage. Data imaging is normally suitable
compliance with this requirement. As a firm on the Newbury Mortgage Services conveyancing panel you must allow Newbury Mortgage Services to conduct such reasonable audit of your
information security measures as Newbury Mortgage Services or their
agents may to ensure your compliance with your file retention
obligations.
A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Newbury Mortgage Services and other building societies have restricted their panel over the years. Why?
The feeling from lenders generally (we can not speak for Newbury Mortgage Services specifically), is that for too long
solicitors have concentrated on their duty of care to their purchasing
client, and have paid scant attention to the duty they owe to the
lender, whom they conveniently forget is also their client.
Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members
Newbury Mortgage Services and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Newbury Mortgage Services Approved Conveyancing Solicitors Panel
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Average number of days to register title including a charge in favour of Newbury Mortgage Services
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Newbury Mortgage Services Firms
- Draft Report on Title precedent for Newbury Mortgage Services borrowers
- Draft Anti Money Laundering PolicyTemplate for Newbury Mortgage Services panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Newbury Mortgage Services lender panel
- Buy-to-Let help for Newbury Mortgage Services
- Consent-to-Let help for Newbury Mortgage Services
- Contractor Mortgages with Newbury Mortgage Services
