Find an Approved Solicitor on the Marsden Building Society
Conveyancing Panel
Q and A’s regarding the Marsden Building Society Conveyancing Panel
My husband and I are novices when it comes to buying a property. Within the 48 hours our solicitor 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 there is now an issue as our solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance 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 and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My partner and I are refinancing our flat with Marsden Building Society. We have a son 18 who lives with us. The solicitor on the Marsden Building Society conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Marsden Building Society conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong 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 Marsden Building Society .This is solely used to protect the Marsden Building Society 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 Marsden Building Society 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.
I am buying a property and require a conveyancing solicitor in Leeds who is on the Marsden Building Society approved. Could you point me in the right direction as regards a firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Marsden Building Society . We don’t recommend any particular firm.
We're in Liverpool, FTBs buying with a mortgage (lender is Marsden Building Society , but our lawyer is on the Marsden Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Marsden Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
How can we tell if a solicitor on the Marsden Building Society panel is any good?
Getting recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your transaction
What are the common reasons for a lender such as Marsden Building Society to withdraw a mortgage offer?
Lenders such as Marsden Building Society can withdraw their mortgage offer although this is unusual. should Marsden Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
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A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
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Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
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Where to proceed with the Mortgage offer would be unlawful
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Where the lender has to take account a recent change in taxation
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Where the Lender’s right to possession is fettered in some way
We expect to receive a DIP from Marsden Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Marsden Building Society recommend a solicitor on the Marsden Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Marsden Building Society conveyancing panel. The solicitor represents both you and the Marsden Building Society through the process.