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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.

Find an Approved Solicitor on the MBS Lending Ltd Conveyancing Panel

MBS Lending Ltd Solicitor Panel Recently Asked Questions

My husband and I are novices when it comes to buying a property. Within the 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. MBS Lending Ltd have this evening contacted us to advise us that there is now an issue as our solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.

In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact MBS Lending Ltd and see if they can apply for membership of the MBS Lending Ltd conveyancing panel, but if that is not viable MBS Lending Ltd will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the MBS Lending Ltd conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.

I am purchasing a newly constructed apartment and my lawyer is telling me that she has to reveal incentives from the builder as her practice is on the MBS Lending Ltd conveyancing panel. I am under pressure to exchange contracts and I would rather not prolong the conveyancing. Is my lawyer right?
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 I need to pop into the offices of the MBS Lending Ltd conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in London so that I can pop in to their offices when needed.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London .
I was due to move into my flat yesterday. My solicitor is on the MBS Lending Ltd solicitors panel but has moved offices 8 weeks ago and had not informed MBS Lending Ltd of their new address. MBS Lending Ltd is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local MBS Lending Ltd branch or your mortgage broker to see if they can help.
Are all Conveyancing Quality Solicitors on the MBS Lending Ltd conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, MBS Lending Ltd are being a right pain. The solicitor who is on the MBS Lending Ltd conveyancing panel is happy to accept ‘lack of building regulation’ insurance but MBS Lending Ltd are requiring a building regulation certificate. Why do MBS Lending Ltd have a conveyancing panel of they don’t accept advice from them?
It is probably the case that MBS Lending Ltd have referred the matter to their valuer. The reason why MBS Lending Ltd may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
MBS Lending Ltd have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up MBS Lending Ltd or your broker and complete any relevant paperwork. MBS Lending Ltd will tell you what documents they want. MBS Lending Ltd will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. MBS Lending Ltd will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.