FAQs : The M&S Bank Solicitor Panel from members of the public
My fiance and I are purchasing a 3 bedroom apartment in Leeds with a mortgage from M&S Bank. We have a lawyer but M&S Bank says she’s not on their "panel". We have to appoint one of the M&S Bank panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
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 M&S Bank 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 solicitors to apply to be on the conveyancing panel for M&S Bank
I am due to move into my new home next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for M&S Bank. What risks do M&S Bank expect the insurance to cover?
All property lawyers on the M&S Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in M&S Bank’s Part 2 requirements of the CML Handbook (last updated on M&S Bank). Being on the M&S Bank conveyancing panel your lawyer is expect to follow these requirements.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the M&S Bank conveyancing 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.
We're in London, First time buyers buying with a mortgage (lender is M&S Bank , but our solicitor is on the M&S Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the M&S Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all solicitor practices on the M&S Bank conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the M&S Bank conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I previously instructed online conveyancers located in Manchester who are on the M&S Bank solicitor panel. They have just invoiced me a separate fee of £175 for dealing with the M&S Bank mortgage. Is this an additional conveyancing fee specified by M&S Bank?
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 M&S Bank but by your lawyers. Some firms on the M&S Bank will charge an ‘acting for lender’ fee and others do not.
My fiance and I are at the point of viewing flats and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a home loan with M&S Bank
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with M&S Bank , ask your prospective lawyers check they are on the M&S Bank conveyancing panel otherwise they can't do the mortgage legal work.
