Newbury
Building Society and Newbury Mortgage Services Ltd yesterday extended
their conveyancing panel requirements by making changes to Section A.12 of
their BSA Mortgage Instructions .
Acceptance to the panel is now subject to application and subject the following criteria:
• The firm must have at least two qualifying partners.
• The firm must be registered with the SRA / CLC.
• Professional Indemnity Insurance with minimum £2m cover.
• For solicitors, the firm must have CQS accreditation.
Firms
that are set up as Alternative Business Structures are accepted if the
underlying legal practice has been in existence at least 5 years and
meets the above requirements.
Conveyancers
that are not on the panel will be invited on receipt of a mortgage
application where the client proposes them to act. For commercial
applications the lender will instruct their own solicitor (separate
legal representation). Contact Newbury Building Society’s Mortgage
Underwriting Team 01635 555700, for an application.
These
lenders are following the lead of Santander who as of a couple of
months ago will now only accept solicitors on their panel who have CQS
accreditation.
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