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Ready to buy a new home? Failing to check that a lawyer is on the list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the MBS Lending Ltd Conveyancing Panel? How can my firm be reinstated onto the MBS Lending Ltd Conveyancing Panel?Find an Approved Solicitor on the MBS Lending Ltd Conveyancing Panel
Examples of recent questions relating to the MBS Lending Ltd Solicitor Panel
We are hoping to buy a 3 bedroom apartment in Hackney with a mortgage from MBS Lending Ltd. We have a lawyer but MBS Lending Ltd says he's not on their "panel". It seems we have little choice but to instruct one of the MBS Lending Ltd panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the MBS Lending Ltd 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 lawyer to apply to be on the conveyancing panel for MBS Lending Ltd
Much to my surprise my conveyancer has requested from me proof of ID documents stating that this is part of his legal duty as a solicitor on the MBS Lending Ltd Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that MBS Lending Ltd also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with MBS Lending Ltd CML Handbook requirements last updated on MBS Lending Ltd
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the MBS Lending Ltd conveyancing panel. My lawyer has said that they are on the MBS Lending Ltd approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the MBS Lending Ltd conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the MBS Lending Ltd solicitor panel.
We're in London, First timers buying with a mortgage (lender is MBS Lending Ltd , but our solicitor is on the MBS Lending Ltd conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the MBS Lending Ltd 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
is it true that all solicitor firms on the MBS Lending Ltd conveyancing panel regulated by the SRA?
As solicitors, in order to be on the MBS Lending Ltd conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I previously instructed online conveyancers located in Birmingham who are on the MBS Lending Ltd solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the MBS Lending Ltd mortgage. Is this an additional conveyancing fee set by MBS Lending Ltd?
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 MBS Lending Ltd but by your lawyers. Some firms on the MBS Lending Ltd will charge an ‘acting for lender’ fee and others do not.
My offer on house has been accepted, but there is a chain. 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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