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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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Common questions asked concerning the MBS Lending Ltd Solicitor Panel
My fiance and I are buying a 2 bedroom apartment in Leeds with a mortgage from MBS Lending Ltd. We would like to retain our lawyer but MBS Lending Ltd says she’s not on their "panel". We have to appoint 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?
Unfortunately,no. 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
My husband and I are refinancing our flat with MBS Lending Ltd. We have a son 18 who lives with us. The solicitor on the MBS Lending Ltd conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the MBS Lending Ltd conveyancing panel as he never had to sign this form when we purchased 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 MBS Lending Ltd 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 MBS Lending Ltd .This is solely used to protect the MBS Lending Ltd 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 MBS Lending Ltd 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 note that you have a search directory listing firms on the MBS Lending Ltd conveyancing panel. Do firms pay you a commission if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the MBS Lending Ltd conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am buying a right to buy flat and getting a mortgage with MBS Lending Ltd. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the MBS Lending Ltd conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the MBS Lending Ltd conveyancing panel in your location.
I had instructed online solicitors based in Manchester who are on the MBS Lending Ltd solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the MBS Lending Ltd mortgage. Is this a supplemental conveyancing fee specified 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 but plenty of firms include it on their overall fee.
I have had an offer accepted on a apartment I spoke to a solicitor recommended by my brother and he suggested using a solicitor approved by MBS Lending Ltd. The estate agent recommended two local firms so I asked MBS Lending Ltd if the 2 suggested solicitors are approved, which they are not. MBS Lending Ltd pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of MBS Lending Ltd 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask MBS Lending Ltd to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the MBS Lending Ltd conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto MBS Lending Ltd conveyancing panel as it may only take about 2-3 weeks. As long as they meet MBS Lending Ltd’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Can I register a complaint to MBS Lending Ltd about the lawyers being on the MBS Lending Ltd conveyancing panel?
There is little point in complaining directly to MBS Lending Ltd. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
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Transfer of Equity for MBS Lending LtdPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors