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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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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
MBS Lending Ltd Solicitor Panel Recently Asked Questions
For what reasons would a firm of solicitors be excluded from the MBS Lending Ltd solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been removed from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by MBS Lending Ltd
I am purchasing a newly constructed apartment and my lawyer is advising me that she is duty bound to reveal incentives from the developer as her firm is on the MBS Lending Ltd conveyancing panel. I am nearing the developer’s deadline to exchange and I would rather not prolong deal. 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.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the MBS Lending Ltd conveyancing panel. My lawyer has said that they are on the MBS Lending Ltd approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the MBS Lending Ltd conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the MBS Lending Ltd solicitor panel.
I am selling my house. Does my solicitor have to be on the MBS Lending Ltd conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the MBS Lending Ltd conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I am currently in the process of buying my council flat. I have a mortgage agreed with MBS Lending Ltd. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with MBS Lending Ltd you will need to appoint a solicitor on the MBS Lending Ltd conveyancing panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned MBS Lending Ltd on various occasions and was told they are content with the situation 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. Who do I believe?
As long as the conveyancer is on the MBS Lending Ltd panel she or he must comply with the CML Handbook 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.
I recently had an offer accepted on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the MBS Lending Ltd conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the MBS Lending Ltd panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
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