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Marsden Building Society Conveyancing Panel Recently Asked Questions
We are hoping to buy a 1 bedroom apartment in Leeds with a mortgage from Marsden Building Society. We would like to retain our solicitor but Marsden Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Marsden Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Marsden Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Marsden Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Marsden Building Society
My fiance and I changing mortgage lender for our apartment with Marsden Building Society. We have a son approaching twenty who lives with us. The solicitor on the Marsden Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Marsden Building Society conveyancing panel as he did not need to sign this form when we remortgaged 4 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 Marsden Building Society 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 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.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Marsden Building Society conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Newcastle
so that I can pop in to their offices if necessary.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
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My house is up for sale and I have a buyer. Does my solicitor have to be on the Marsden Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Marsden Building Society 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.
I previously instructed online conveyancers located in Cardiff who are on the Marsden Building Society solicitor panel. They have just invoiced me a separate fee of £150 for dealing with the Marsden Building Society mortgage. Is this a supplemental conveyancing fee specified by Marsden Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Marsden Building Society but by your lawyers. Some firms on the Marsden Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
The mortgage over my property is with Marsden Building Society. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Marsden Building Society?
Your original mortgage agreement with Marsden Building Society will provide that you need their approval in advance of renting 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. It should not be necessary to do this via a Marsden Building Society conveyancing panel lawyer.
I have instructed a lawyer having checked that they are on the Marsden Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Marsden Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Marsden Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Marsden Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Marsden Building Society you could contact your them to see if they have a list of approved surveyors.