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How does my firm apply to be on the Norwich and Peterborough Building Society Conveyancing Panel? How can my firm be reinstated onto the Norwich and Peterborough Building Society Conveyancing Panel?Find an Approved Solicitor on the Norwich and Peterborough Building Society Conveyancing Panel
Common questions asked concerning the Norwich and Peterborough Building Society Conveyancing Panel
I would like to know the reason why all solicitors aren't included on the Norwich and Peterborough Building Society Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My solicitor has spotted an inconsistency when comparing the information in Norwich and Peterborough Building Society’s valuation report and what is in the title deeds. My lawyer has advised that as he is on the Norwich and Peterborough Building Society conveyancing panel he is duty bound to check that the bank is with this discrepancy and is content go ahead. Is my conveyancer’s course or action appropriate?
A precondition to being on the Norwich and Peterborough Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Norwich and Peterborough Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I have to visit the offices of the Norwich and Peterborough Building Society conveyancing panel solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can pop in to their offices if required.
Most conveyancing panel lawyers for Norwich and Peterborough Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am considering applying for a Norwich and Peterborough Building Society mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Norwich and Peterborough Building Society?
There is nothing to stop you using your solicitor but Norwich and Peterborough Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I previously instructed online conveyancers located in Birmingham who are on the Norwich and Peterborough Building Society solicitor panel. They are now charging me a separate fee of £175 for dealing with the Norwich and Peterborough Building Society mortgage. Is this an additional conveyancing fee set by Norwich and Peterborough Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Norwich and Peterborough Building Society but by your lawyers. Some firms on the Norwich and Peterborough Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
My existing mortgage is with Norwich and Peterborough Building Society. My godfather retired last week and wants to pay off my mortgage. After Norwich and Peterborough Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Norwich and Peterborough Building Society conveyancing panel? I do not intend to live at the property once the Norwich and Peterborough Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Norwich and Peterborough Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I am selling my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Norwich and Peterborough Building Society are being difficult. The solicitor who is on the Norwich and Peterborough Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Norwich and Peterborough Building Society are insisting on a building regulation certificate. Why do Norwich and Peterborough Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Norwich and Peterborough Building Society have referred the matter to their valuer. The reason why Norwich and Peterborough Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.