BSA Designator: Newcastle Building Society
Jurisdiction: England and Wales
Newcastle Building Society Solicitor Panel Assistance:
What are the Newcastle Building Society conveyancing panel arrangements?
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.
Can my firm make a complaint to the BSA about being removed excluded suspended from the Newcastle Building Society conveyancing panel?
The BSA is an association rather than a regulator and therefore cannot advise on grievances against lenders. You can of course contact Lexsure to see if we can assist.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Newcastle Building Society conveyancing panel ?
We would not expect to be advised of any intention on the part of the BSA to develop such a tool .
As a practice on the Newcastle Building Society conveyancing panel who should we contact should we have a question conerning the BSA Specific Requirements ?
If you are a property lawyer and have a concern regarding the instructions,
you should make contact with Newcastle Building Society. The BSA will not advise or comment on specific queries relating to Newcastle Building Society or other lenders.
Why did the BSA introduced its own instructions?
The BSA introduced it’s Mortgage Instructions in 2010 to ensure that licensed conveyancers or solicitors on a building society conveyancing panel had full access to a complete set of standardised mortgage instructions.
I seldom receive a copy of a lender valuation any more. Do my Newcastle Building Society conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with Newcastle Building Society as the lender?
There are various requirements are to be followed if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as compared to an out of date postal address or DX details.
Should CQS acceptance secure my firm’s acceptance on to building society conveyancing panels?
CQS membership is no guarantee to lender panel acceptance. Nevertheless the BSA have indicated that it is likely to become a prerequisite for firms wishing to join their panels. Some Lenders now use the scheme as the starting point for Panel approval as is the case Santander .
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: