Marsden Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers. It is a unique risk management tool.

This software is the only way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Marsden Building Society’s changes. While utilising the tool is not a condition for being on the Marsden Building Society panel, demonstrating you can remain up to date with Marsden Building Society’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your panel status.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, leads to reduced PII premiums.

Find a Law Firm approved by Marsden Building Society

Banks and building societies frequently change their requirements. The BSA instructions from Marsden Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2010, Marsden Building Society has made 26 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 105.0 days. In total, 23% of the sections of the BSA Requirements for Marsden Building Society have been changed since 26/1/2010.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
C.12 10/04/2019 BSA
D.34 25/06/2015 BSA
D.11 05/09/2011 BSA
D.34 05/08/2011 BSA
C.12 24/11/2010 BSA
A.12 15/03/2010 BSA
D.25 15/03/2010 BSA
D.26 15/03/2010 BSA
D.30 15/03/2010 BSA
E.1 15/03/2010 BSA

Last update 09/01/2020

Marsden Building Society Conveyancing Panel Recently Asked Questions from members of the public

I was advised recently by my estate agent that my property lawyer is not on the Marsden Building Society Solicitor panel. How can I check?
You need to contact your lawyer directly. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the the approved Marsden Building Society solicitor panel.
My solicitor has spotted an inconsistency between the surveyor’s assumptions in Marsden Building Society’s valuation report and what is revealed within the conveyancing documents. My lawyer says that as he is on the Marsden Building Society conveyancing panel he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
A precondition to being on the Marsden Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Marsden Building Society) 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 both parties.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Marsden Building Society conveyancing panel?
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.
Please explain the implications if my solicitor is removed from the Marsden Building Society Solicitor panel before completion?
First, 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 at a cost.
Are all Conveyancing Quality Solicitors on the Marsden Building Society conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Marsden Building Society. Conveyancing is not something I have any knowledge of. 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 Marsden Building Society you will need to appoint a solicitor on the Marsden Building Society conveyancing panel.
I have instructed a lawyer having made sure that they are on the Marsden Building Society conveyancing panel. Does my lawyer arrange the survey of the property? Or Having digested plenty of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Marsden Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Marsden Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Marsden Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Marsden Building Society you could contact your them to see if they have a list of approved surveyors.