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I have been advised by my broker that I have to pay MBS Lending Ltd fees if I use my own solicitor. How good are the MBS Lending Ltd conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH as long as they're good and reasonably priced. Are there any MBS Lending Ltd conveyancers you'd recommend?
MBS Lending Ltd’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that MBS Lending Ltd will allow to act for them.
My conveyancer has identified a discrepancy between the surveyor’s assumptions in MBS Lending Ltd’s valuation report and what is in the legal papers for the property. My solicitor informs me that as he is on the MBS Lending Ltd conveyancing panel he is duty bound to check that the lender is with this discrepancy and is content go ahead. Is my conveyancer’s course or action correct?
A precondition to being on the MBS Lending Ltd approved panel is to comply with the CML Handbook requirements (last updated for this lender on MBS Lending Ltd) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am looking for conveyancing quotes online. Can I be confident that all the law firms that are identified on your directory are on the MBS Lending Ltd conveyancing panel?
The law firms on our directory have advised us that they are on the MBS Lending Ltd panel and agreed to advise us to take down their listing in the event of removal off of the MBS Lending Ltd panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the MBS Lending Ltd conveyancing panel is incorrect.
The lawyers that just started acting on my house acquisition in Brighton has without warning shut down. I chose them because I had to have a solicitor on the MBS Lending Ltd conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the MBS Lending Ltd conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help
Is it the case that all solicitors on the MBS Lending Ltd conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the MBS Lending Ltd 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).
Can I be sure that the solicitor on the MBS Lending Ltd panel is any good?
Getting recommendations is a sensible start. 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 handling your transaction
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with MBS Lending Ltd?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the MBS Lending Ltd conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with MBS Lending Ltd and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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