BSA Designator: Newcastle Building Society
Jurisdiction: England and Wales
Newcastle Building Society Conveyancing Panel Assistance:
What are the Newcastle 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 outsources management of its conveyancing panel to Legal Marketing Services Limited (“LMS”).
Firms may apply for inclusion to the Society’s conveyancing panel by visiting www.lms.com/lenderpanels
You must also comply with the terms and conditions of your Newcastle Building Society solicitor panel appointment.
Will the fact that my practice has signed up to Alerts via this site assist in my application to join the Newcastle Building Society conveyancing panel?
The requirements to join the Newcastle Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Is it the case that the Law Society has advised that firms check their status on the
Newcastle Building Society
The Law Society of Scotland has suggested that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
Newcastle Building Society
conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove
solicitors from their panels without prior notice as part of their
panel management system, which can lead to some solicitors discovering
this only once instructed. This is sensible advice as a client finding
out midway through a transaction that their lawyer is not on the
approved lender panel is very frustrating and can lead to
complaints. Many online consumer forums contain posts where someone is
complaining about finding that their lawyer is not on a lender
conveyancing panel. Such forums include moneysavingexpert.com
What type of firms do building societies include on their conveyancing panel?
In the same way that there is a unique Newcastle 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.
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with BSA Mortgage Instructions. I am on the Newcastle Building Society conveyancing panel. Can you tell me how many Specific Requirement changes took place by Newcastle Building Society during 2013?
During this period 17 sections of the BSA Mortgage Instructions were changed by Newcastle Building Society. Some changes are more important than others but as a firm on the Newcastle Building Society conveyancing panel you are of course obliged to comply with individual lender requirements. Locktons have recently pointed out in an article that non-compliance with lender 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: BSA requirements are not guidelines; they are the lender client’s instructions.
I noticed the following question on my PI renewal form this year ‘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 Newcastle Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Should I reference these Terms?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.
You have to try and take an objective view as to whether the Terms
relating to the Newcastle 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.
Can the BSA help me join the Newcastle Building Society conveyancing panel?
The BSA has no role in influencing what conveyancers Newcastle Building Society instructs. If you want to be admitted onto Newcastle Building Society conveyancing panel you should contact Newcastle Building Society directly.
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: