Marsden Building Society Solicitor Panel Recently Asked Questions from members of the public
A lawyer I had intended to instruct on a remortgage said she will levy higher legal fees if my lender is due to their difficult processes! Will I regret using Marsden Building Society? Any comments will be appreciated
Marsden Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Marsden Building Society conveyancing panel. If they are not, this does add further risk of delay as Marsden Building Society will appoint their own solicitors to look after their interest.
My fiance and I changing mortgage lender for our penthouse with Marsden Building Society. We have a son approaching twenty who lives with us. The solicitor on the Marsden Building Society conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Marsden Building Society conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Marsden Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Marsden Building Society .This is solely used to protect the Marsden Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Marsden Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are the lawyers identified as being on the Marsden Building Society conveyancing panel, together with their details provided by Marsden Building Society?
The firms themselves provide us confirmation that they are on the Marsden Building Society conveyancing panel as opposed to being supplied with a list from Marsden Building Society directly.
My aunt passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Marsden Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Marsden Building Society will insist on your using a conveyancer on the Marsden Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Marsden Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Marsden Building Society mortgage is registered as a charge at the Land Registry.
Do the majority of 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 Marsden Building Society conveyancing panel requirements are different to Marsden Building Society’s conveyancing panel criteria.
I have a mortgage with Marsden Building Society. Conveyancing has been completed 12 months 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 Marsden Building Society?
Your original mortgage agreement with Marsden Building Society will provide that you need their approval prior to letting out your property as this is likely to be a breach of Marsden Building Society’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 Marsden Building Society directly. It should not be necessary to do this via a Marsden Building Society conveyancing panel firm.
We are are buying a terraced house in Hendon. Conveyancing solicitors in Hendon are preferred to beinstructed. My motherrecommended that we enquire that the conveyancing practitioner in Hendon is on the Marsden Building Society solicitors panel. Aren't all lawyers on the Marsden Building Society panel?
It is not that case that all Hendon conveyancing solicitors are on the Marsden Building Society conveyancing panel. 5 people a month use our search tool to find a Hendon conveyancing lawyer on the on the Marsden Building Society list of approved conveyancing firms.