Newcastle Building Society Conveyancing Panel Information
BSA Designator: Newcastle Building Society
Jurisdiction: England and Wales
The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Newcastle Building Society and to assist in remaining on the Newcastle Building Society Solicitors Panel.
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Newcastle Building Society Solicitor Panel Assistance:
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.
• Where there is: -
o A cashback;
o An incentive;
o An indirect incentive;
o Where the sale is not at arms length for value to unconnected persons.
o Where there is a restriction or a right of pre-emption which is not at market value
o Where the Society‘s right to possession is fettered in some way.
o If we reasonably suspect that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
o If we reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances.
o If the mortgage transaction does not complete within 3 months of the date of the offer.
o If the solicitor acting for the applicant, borrower, mortgagor or guarantor cannot comply with our instructions.
o If there is a material change in the circumstances of the applicant, borrower, mortgagor or guarantor between issue of the offer and prior to completion.
o If any of the terms of the mortgage offer cannot be satisfied.
o If for any reason an insurer is not prepared to agree satisfactory building insurance for the property being charged as security.
o If we have doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion.
In the first instance you must notify the Mortgage Operations Department, Newcastle Building Society, Portland House, New Bridge Street, Newcastle upon Tyne NE1 8AL and await further instructions before doing anything further on the file.
Remember: BSA requirements are not guidelines; they are the lender client’s instructions.
In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Newcastle Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Newcastle Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Newcastle Building Society conveyancing panel status.
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Recent Changes Include
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Last update 14/09/2019