Find an Approved Solicitor on the Marsden Building Society
FAQs for the Marsden Building Society Conveyancing Panel
My wife and I are first time buyers. Within the 48 hours our property lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Marsden Building Society have this afternoon contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Marsden Building Society and see if they can apply for membership of the Marsden Building Society conveyancing panel, but if that is not viable Marsden Building Society will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Marsden Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Expecting to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Marsden Building Society. What does the insurance need to cover?
Any lawyer 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 requirements.
How up to date is your search tool for the Marsden Building Society conveyancing panel? Do Marsden Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Marsden Building Society conveyancing panel as opposed to being supplied with a list from Marsden Building Society directly.
I am thinking of mortgaging my home does my lawyer have to be on the Marsden Building Society Conveyancing panel?
In theory, you could use a solicitor that is not on Marsden Building Society conveyancing panel, but Marsden Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Are all solicitors on the Marsden Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Marsden Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
After much negotiation I have agreed a price on an apartment. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me to say that they were not on the Marsden Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Marsden Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my house. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Marsden Building Society are being pedantic. The solicitor who is on the Marsden Building Society conveyancing panel is recommending indemnity insurance as a solution but Marsden Building Society are requiring a building regulation certificate. Why do Marsden Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Marsden Building Society have referred the matter to their valuer. The reason why Marsden Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.