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I am progressing with the sale of my house and the EA has just e-mailed to say that the purchasers are changing their law firm. The reason given is that Marsden Building Society will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with specific solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise 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.
I am due to complete my purchase next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Marsden Building Society. What risks do Marsden Building Society expect the insurance to cover?
All property lawyers on the Marsden Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Marsden Building Society’s Part 2 requirements of the CML Handbook (last updated on Marsden Building Society). Being on the Marsden Building Society conveyancing panel your lawyer is expect to follow these instructions.
I have been searching for conveyancing quotes online. Can I be sure that all the firms that are listed on your website are on the Marsden Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Marsden Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Marsden Building Society 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 Marsden Building Society conveyancing panel is not accurate.
My grandfather passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Marsden Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Marsden Building Society will insist on your using a conveyancer on the Marsden Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Marsden Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Marsden Building Society mortgage is registered as a charge at the Land Registry.
I am buying a property where the roof has a solar panel. Marsden Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Marsden Building Society your lawyer must to check the Marsden Building Society conveyancing instructions contained in the Part of CML Handbook for Marsden Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Marsden Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
The mortgage over my property is with Marsden Building Society. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Marsden Building Society?
Marsden Building Society must be informed of your intention in advance of letting out your property as this is likely to be a breach of Marsden Building Society’s mortgage conditions. It may be that Marsden Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Marsden Building Society directly. You need not do this via a Marsden Building Society conveyancing panel solicitor.
Can I register a complaint to Marsden Building Society about the lawyers being on the Marsden Building Society conveyancing panel?
There is little point in complaining directly to Marsden Building Society. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.