Looking for information about your firm's panel status?
Newbury Building Society Solicitor Panel Information:
What are the Newbury Building Society 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 Building Society solicitor panel appointment.
I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
Many estate agents are feeling the pain if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors lawyers.
Are there conditions, outside the BSA Mortgage Instructions, that a
firm should be aware of when on the Newbury Building Society
conveyancing panel?
In order to be on the Newbury Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Newbury Building Society) are as follows:
- Without prejudice to your obligation to comply in full with the Safeguards provisions in the BSA Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
- 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.)
- To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
- To quote on all communications with us relating to registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
- That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
What type of firms do building societies include on their conveyancing panel?
In the same way that there is a unique Newbury Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement.
Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.
My firm is not on the Newbury Building Society conveyancing panel as well other banks . My clients, who have applied for a mortgage with Newbury Building Society still want me to act for them regardless of the fact that we are not on the Newbury Building Society panel. Is it fine for me to use a firm down the road to act for Newbury Building Society on mortgage aspect of the transaction?
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 entitled instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the BSA Mortgage Instructions?’ My firm is on the majority of bank panels including the Newbury Building Society conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Should I reference these Conditions?
The key here is the caveat ‘more onerous’.
You have to try and take an objective view as to whether the Terms relating to the Newbury Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the BSA Mortgage Instructions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.
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 Building Society Approved Conveyancing Solicitors Panel
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Average number of days to register title including a charge in favour of Newbury Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | 37.0 |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Newbury Building Society Firms
- Draft Report on Title precedent for Newbury Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Newbury Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Newbury Building Society lender panel
- Buy-to-Let help for Newbury Building Society
- Consent-to-Let help for Newbury Building Society
- Contractor Mortgages with Newbury Building Society
