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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.
Looking for information about your firm's panel status?Is my firm on the MBS Lending Ltd Conveyancing Panel? 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
Frequently asked questions relating to the MBS Lending Ltd Conveyancing Panel
My Conveyancer has never been on on the MBS Lending Ltd Solicitor Panel. Can I still continue with my family solicitor notwithstanding that they are excluded from the MBS Lending Ltd list of approved lawyers?
You have a number of options available to you here:
- Complete the purchase with your preferred solicitors but MBS Lending Ltd will need to instruct a lawyer on the MBS Lending Ltd conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the MBS Lending Ltd conveyancing panel.
- Convince your lawyer to do everything within their powers to join the MBS Lending Ltd conveyancing panel
I am purchasing a newly constructed duplex and my solicitor is telling me that she is duty bound to disclose incentives from the builder as her firm is on the MBS Lending Ltd conveyancing panel. I am nearing the developer’s deadline to exchange and I have no desire to delay matters. Can I insist on an exchange regardless of what my lawyer says about being on the MBS Lending Ltd panel?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the MBS Lending Ltd solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My conveyancers in Birmingham have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with MBS Lending Ltd. Is it case that being on the MBS Lending Ltd conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the MBS Lending Ltd Conveyancing Panel Terms. It might be worth you contacting MBS Lending Ltd directly.
Are all solicitor practices 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 currently have a mortgage with with MBS Lending Ltd. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform MBS Lending Ltd?
MBS Lending Ltd must be informed of your intention prior to letting out your property as this is likely to be a breach of MBS Lending Ltd’s mortgage conditions. It may be that MBS Lending Ltd will allow you to rent 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 MBS Lending Ltd directly. It should not be necessary to do this via a MBS Lending Ltd conveyancing panel solicitor.
Completion of my purchase has taken place with a loan from MBS Lending Ltd. Conveyancing was satisfactory but I would like to complain about MBS Lending Ltd. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the MBS Lending Ltd branches or the Customer Care Department at MBS Lending Ltd head office. Ordinarily complaints to MBS Lending Ltd are sorted out effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.