Find an Approved Solicitor on the MBS Lending Ltd
Q and A’s regarding the MBS Lending Ltd Solicitor Panel
My husband and I are buying a 1 bedroom flat in Leeds with a mortgage from MBS Lending Ltd. We would like to retain our solicitor but MBS Lending Ltd says she’s not on their "panel". It seems we have little choice but to instruct one of the MBS Lending Ltd panel solicitors 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for MBS Lending Ltd
Our son-in-law is buying a new build apartment with a mortgage from MBS Lending Ltd. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the MBS Lending Ltd conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the MBS Lending Ltd conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Having used 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.
Can you clarify what the consequences are if my solicitor is removed from the MBS Lending Ltd Conveyancing panel before completion?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the MBS Lending Ltd conveyancing panel requirements are different to MBS Lending Ltd’s conveyancing panel requirements.
My wife and I have arranged a further advance on our mortgage from MBS Lending Ltd as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the MBS Lending Ltd conveyancing panel to deal with the legals?
MBS Lending Ltd do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the MBS Lending Ltd panel
I was told three weeks ago that my mortgage has been agreed
to by MBS Lending Ltd. Is it usual for MBS Lending Ltd to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for MBS Lending Ltd to deal with your lawyers application to be on the MBS Lending Ltd conveyancing panel. There's no guarantee that your solicitors will be accepted.