If you are obtaining a mortgage with Newcastle Building Society, Conveyancing Solicitors will need to act for both you and your Lender. Submitting a mortgage application and being accepted as suitable for a mortgage offer from Newcastle Building Society may does not mean to say that the property will be meet their requirements for the purposes of a mortgage.
Most building societies will conduct a valuation of the property but they will also have legal requirements which their Newcastle Conveyancing Solicitors have to comply with. These conveyancing requirements are set out in the CML Lenders Handbook which 98% of Lenders subscribe to.
Part 1 of the CML Lenders Handbook sets out general conveyancing requirements. Each lender, such as Newcastle, then has their own conveyancing requirements which are set out in their own Part 2 section which is published in the CML web site. For a full copy of Newcastle’s conveyancing requirements click here.
We set out below the requisite freehold and leasehold for conveyancing Newcastle BS impose through their Part 2’s. This is not an exhaustive summary of the Newcastle conveyancing lending requirements but rather a sample which is only relevant as at September 2009. Newcastle change their conveyancing obligations fairly frequently so it is best to check with your conveyancing lawyer as to whether the property meets the Newcastle requirements under Part 2.
It is worth bearing in mind that not all conveyancing practices are on the Newcastle Conveyancing Panel. In other words not all property solicitors can carry out conveyancing for Newcastle. Conveyancing lawyers at Fridaysmove are on the Newcastle conveyancing panel and have been so for the last 5 years.
General requirements for Conveyancing – Newcastle Building Society
Contact point for Conveyancing lawyer to see if Newcastle will lend when the borrower and mortgagor are not one and the same.
Customer Lending Centre (“CLC”), Portland House, New Bridge Street, Newcastle upon Tyne NE1 8AL. or DX61010, Newcastle upon Tyne 3.
Will Newcastle allow the conveyancing firm act if the person dealing with the transaction or a member of his immediate family is the seller?
Please provide details to CLC who will advise on the Newcastle’s position.
What other documents are acceptable for verifying identity?
A – Valid UK photo card driving license.
B – A firearm and shotgun Certificate.
Do Newcastle want to receive environmental or contaminated land reports?
Yes if the results reveal an entry then the results must be referred to CLC
What is the maximum excess Newcastle will accept on buildings insurance policy?
£1000 for subsidence, landslip and heave. In all other instances please contact CLC for instructions.
Do conveyancing lawyers have to report incentives to Newcastle ?
The Solicitor must obtain a completed copy of the CML Disclosure of Incentives Form from the conveyancing lawyer acting on behalf of the seller of any property that is yet to be occupied for the first time, or for the first time in its current form, for example, because of a renovation or conversion.
The Solicitor should only report incentives to Newcastle as per their instructions and should not be able to send a completed Certificate of Title to the lender unless the they have received the CML Disclosure of Incentives Form.
Once the Certificate of is Title is completed, confirming they The Solicitor will confirm they are in receipt of a completed CML Disclosure of Incentives Form from the developer/seller’s property solicitor which complies with Newcastle’s conveyancing instructions.
This does not override the conveyancing lawyer’s duty to the Newcastle via the instructions provided elsewhere in the CML Lenders’ Handbook
Do Newcastle accept personal conveyancing searches?
If “yes”, please specify which code(s) Newcastle require
Search Code monitored by PCCB, if not please contact CLC for instructions. Please note that Local Authority conveyancing Searches provided by Fridaysmove HIP suppliers are PCCB compliant.
Do NBS require a copy of a power of attorney to be sent to them by their conveyancing lawyers ?
This should be retained on conveyancing file by the solicitor who conducts your conveyancing. Newcastle do not require the original or copy.
Requirements for Leasehold Conveyancing – Newcastle BS
Do Newcastle lend on flying freeholds?
Yes – subject to flying freehold being no greater than 25% of total floor area.
What is minimum unexpired lease term Newcastle accept in leasehold conveyancing ?
30 unexpired after the legal date for redemption of the mortgage.
Do Newcastle accept indemnity insurance where the terms of the lease are unsatisfactory?
This depends – conveyancing lawyers are expected to contact CLC for instructions
Do Newcastle require a clear ground rent/service charge receipt to be sent to them?
This should be retained on conveyancing file by the property solicitor who conducts your conveyancing. Newcastle do not require the original or copy. .
Do Newcastle require a receipted copy of notice or evidence of service to be sent to them ?
This should be held on conveyancing file by the property solicitor who conducts your leasehold conveyancing. Newcastle do not require the original or copy.
Do Newcastle accept indemnity insurance if the landlord is absent or insolvent?
A few final points on conveyancing in Newcastle
This article is primarily on the requirements for Newcastle Building Society for conveyancing . Newcastle Building Society do not limit their mortgage offers for properties in Newcastle although a great many of their mortgages are charged against properties in Newcastle. Please note that Fridaysmove Legal lawyers have considerable experience, not only in acting for Newcastle Building Society in conveyancing matters but also conducting freehold and leasehold conveyancing in Newcastle. Conveyancing in Newcastle is best left to professionals and those who have contacts and knowledge in the area.
Our experienced Newcastle Conveyancing Team deal with all property types during the course of the conveyancing transaction for Newcastle properties including: Freehold, Share of Freehold, and Leasehold. Our Newcastle conveyancing team is headed by Catherine Williams who qualified a solicitor and is required by the Law Society to hold a solicitors practicing certificate not withstanding the fact that Fridaysmove in regulated by the Council for Licensed Conveyancers who regulate licensed conveyancing in Newcastle.