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FAQs for the M&S Bank Solicitor Panel
I am in the process of selling my apartment and the estate agent has just called to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that M&S Bank will only engage with property lawyers on their approved list. Why would a big named lender only deal with certain solicitors?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our lawyer has identified a defect with the lease for the property we are buying. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the M&S Bank conveyancing panel he must check that the lender is happy with this solution. Are we the client or is M&S Bank?
Just because you have a mortgage offer from M&S Bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and M&S Bank are the client. These conveyancing instructions have to be complied with by the M&S Bank conveyancing panel who has to balance acting for you and M&S Bank
I see that you have a search directory listing law firms on the M&S Bank conveyancing panel. Do firms pay you a referral fee if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the M&S Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My house is up for sale and I have a buyer. Does my solicitor have to be on the M&S Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the M&S Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with M&S Bank. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with M&S Bank involved you will need to appoint a solicitor on the M&S Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to M&S Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the M&S Bank conveyancing panel.
Intending to buy a house with a mortgage with M&S Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the M&S Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the M&S Bank conveyancing panel
Next month my fiance and I are acquiring a garden flat in Hendon. Conveyancing solicitors in Hendon are about to begiven the go-ahead. My fatheradvised that we enquire that the property lawyer in Hendon is on the M&S Bank panel. Aren't all lawyers on the M&S Bank panel?
Far from all Hendon conveyancing firms are on the M&S Bank conveyancing panel. 5 people a month use our search tool to locate a Hendon conveyancing solicitor on the on the M&S Bank solicitors pane.
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