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FAQs for the M&S Bank Conveyancing Panel
It has come to my attention via my mortgage adviser that my solicitor is not on the M&S Bank Solicitor panel. How can I be certain that this is indeed the case?
The first thing you need to do is to contact your conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the the approved M&S Bank solicitor panel.
My fiance and I intend to remortgage our flat with M&S Bank. We have a son 18 who lives with us. The solicitor on the M&S Bank conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the M&S Bank conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your M&S Bank conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to M&S Bank .This is solely used to protect the M&S Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of M&S Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the M&S Bank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My solicitors in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with M&S Bank. Is it case that being on the M&S Bank conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the M&S Bank Conveyancing Panel Terms. It might be worth you contacting M&S Bank directly.
Do conveyancing lawyers on the M&S Bank conveyancing panel work on a no sale no fee basis?
There is generally 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 package
My brother and I have had an offer accepted on a apartment I spoke to a conveyancer previously used by my brother and he recommended instructing a property lawyers approved by M&S Bank. The estate agent recommended two local firms so I asked M&S Bank if the 2 suggested solicitors are approved, which they are not. M&S Bank pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of M&S Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask M&S Bank to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the M&S Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto M&S Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet M&S Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Planning on purchasing 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 Lender 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