Tuesday, 18 June 2013

Buiding Societies publish thier solicitor panel requirements

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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