BSA Designator: Newcastle Building Society
Jurisdiction: England and Wales
Newcastle Building Society Conveyancing 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.
As a firm on the Newcastle Building Society solicitor panel who should we communicate with should we have a question conerning the instructions ?
If you are a solicitor and have a query relating to 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.
Does the fact that my practice subscribes to Alerts via this site help in my application to join the Newcastle Building Society conveyancing panel?
The criteria to join the Newcastle Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Being on the Newcastle Building Society conveyancing panel for what period of time am I obliged to retain 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 Newcastle Building Society conveyancing panel you must allow Newcastle Building Society to conduct such reasonable audit of your
information security measures as Newcastle Building Society or their
agents may to ensure your compliance with your file retention
Are the Council of Licensed Conveyancers taking any action to protect licensed conveyancers from being removed from lender panels?
As is the case with the Law Society the CLC has entered discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Newcastle Building Society in recent years
I have been a qualified solicitor for approximately 35 years without a single claim against me and have been refused acceptance on the Newcastle Building Society conveyancing panel with no explanation. Am I not entitled to know why?
Participation on the lender's panel of conveyancers is at the absolute
discretion of the the lender. The days of open panels are now long
gone. Many lenders reserve the right to accept or reject any
application without giving any reason. You should check your original
application to join the Newcastle Building Society conveyancing panel
to see if you are entitled to a reason.
I rarely receive a copy of a valuation from a lender these days. Does the extent of 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?
You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. (I) 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.
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: