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Am I correct in assuming that the fact that my solicitor is not identified on the M&S Bank Conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for M&S Bank.
We are getting closer to an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender M&S Bank. I am advised that, being on the M&S Bank conveyancing panel and acting on their behalf he must inform M&S Bank if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with M&S Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to M&S Bank if you agree, failing which, your lawyer must cease to continue acting.
I am looking for online conveyancing estimates. Can I be assured that all the practices that are listed on your site are on the M&S Bank conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the M&S Bank panel and agreed to advise us to take down their listing in the event of removal off of the M&S Bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the M&S Bank conveyancing panel is incorrect.
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.
Do conveyancing lawyers on the M&S Bank conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We are getting a further advance on our mortgage from M&S Bank as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the M&S Bank conveyancing panel to deal with the paperwork?
M&S Bank do not ordinarily instruct a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the M&S Bank panel
Intending to buy a flat 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
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