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:

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.

Are Newcastle Building Society Conveyancing panel lawyers exposed to the possibility of the society altering or retracting the mortgage offer?
Newcastle Building Society ‘s answer to this question can be found at section B.3 of their BSA Mortgage Instructions which states:

• 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.

Will the fact that my firm has signed up to Alerts via this site help in my application to join the Newcastle Building Society solicitor 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.
Is it true that the Law Society has recommended that firms check their status on the Newcastle Building Society conveyancing panel?
The Scottish Law Society has advised that solicitors should check their lender panel status before 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 suggestion 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
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.
Do publish figures exists regarding the Newcastle Building Society conveyancing panel size as well as the number of conveyancing firms removed from their panel each year?
With banks and conveyancing firms working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Newcastle Building Society conveyancing panel but for all lender panel listings
Does CQS membership secure my firm’s acceptance on to building society conveyancing panels?
The Law Society’s CQS membership gives no guarantee to lender panel acceptance. Nevertheless the BSA have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. A number of mortgage companies now use the scheme as the starting point for Panel approval such as HSBC .
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:
Average number of days to register title including a charge in favour of Newcastle Building Society
This information relates to purchase only and not remortgages.
YearDays*
2013 38.3
* Data aggregated from sources including COMPLETIONmonitor

Recent Changes Include

# Date Assoc. Changes Related To
F.9 30/01/2020 BSA
D.13 23/11/2018 BSA
E.1 31/05/2018 BSA
A.12 31/05/2018 BSA
C.12 23/03/2016 BSA
B.19 11/08/2015 BSA
D.34 11/08/2015 BSA
A.10 30/01/2014 BSA
D.25 30/01/2014 BSA
A.12 30/01/2014 BSA

Last update 11/02/2020

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