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I am obtaining a mortgage offer from MBS Lending Ltd. I intend to use a Licensed Conveyancer. Does the MBS Lending Ltd Conveyancing panel exclude Licensed Conveyancers
MBS Lending Ltd’s conveyancing panel is, like many other lenders represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
My fiance and I intend to remortgage our flat with MBS Lending Ltd. We have a son approaching twenty 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the MBS Lending Ltd 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?
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.
How do I find a local solicitor on the MBS Lending Ltd conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the conveyancer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the MBS Lending Ltd solicitor panel.
The lawyers that I appointed last week on my purchase in Brighton has suddenly shut down. I only went with them because I had to have a lawyer on the MBS Lending Ltd conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to 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 lawyers may be able to assist
Is there a list of MBS Lending Ltd panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Are all solicitors on the MBS Lending Ltd conveyancing panel overseen by the SRA?
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).
I had instructed online solicitors located in London who are on the MBS Lending Ltd solicitor panel. They are now charging me a separate fee of £175 for dealing with the MBS Lending Ltd mortgage. Is this an additional 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 and others do not.