FAQs for the M&S Bank Conveyancing Panel
from members of the public
I am hoping to receive a mortgage offer from M&S Bank. I intend to employ the services of a Licensed Conveyancer. Does the M&S Bank Conveyancing panel allow for conveyancers regulated by the CLC
M&S Bank’s approved solicitor list is, like many other lenders represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
My lawyer has spotted an inconsistency when comparing the information in M&S Bank’s valuation report and what is in the title deeds. My solicitor informs me that as he is on the M&S Bank conveyancing panel he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
A precondition to being on the M&S Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on M&S Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
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 M&S Bank 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.
I am considering applying for a M&S Bank mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for M&S Bank?
There is nothing to stop you using your solicitor but M&S Bank will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My wife and I have arranged a further advance on our mortgage from M&S Bank as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the M&S Bank conveyancing panel to deal with the legals?
M&S Bank do not ordinarily instruct a member of their conveyancing panel 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 M&S Bank list
I currently have a mortgage with with M&S Bank. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform M&S Bank?
Your original mortgage agreement with M&S Bank will provide that you need their approval in advance of letting out your property as this is likely to be a breach of M&S Bank’s mortgage conditions. In many cases banks or building societies 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 M&S Bank directly. You need not do this via a M&S Bank conveyancing panel lawyer.
Planning on purchasing a flat with a mortgage with M&S Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the M&S Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the M&S Bank conveyancing panel