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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?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?
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Q and A’s regarding the MBS Lending Ltd Conveyancing Panel
We are hoping to buy a 1 bedroom flat in London with a mortgage from MBS Lending Ltd. We have a solicitor 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; Can we not simply insist that MBS Lending Ltd use our lawyer?
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
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company MBS Lending Ltd will not agree to this. Why was MBS Lending Ltd even consulted?
Your lawyer being on the MBS Lending Ltd conveyancing panel is duty bound to inform MBS Lending Ltd of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to MBS Lending Ltd then they would have to discontinue acting for you and MBS Lending Ltd.
Do all the firms listed on your search 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?
Different lenders have different requirements 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.
I previously instructed online conveyancers based in Bristol who are on the MBS Lending Ltd solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the MBS Lending Ltd mortgage. Is this a supplemental 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 but plenty of firms include it on their overall fee.
It is not clear whether my mortgage offer requires a lease extension . I have telephoned MBS Lending Ltd on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the MBS Lending Ltd conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for MBS Lending Ltd. Unless your lawyer obtains specific confirmation in writing that MBS Lending Ltd will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask MBS Lending Ltd to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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 do I do now? 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.