Marsden Building Society Solicitor Panel Example Support Desk Enquires from members of the public
On what basis would a firm of solicitors be removed from the Marsden Building Society solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Marsden Building Society
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Marsden Building Society will not agree to this. Why was Marsden Building Society even consulted?
Your lawyer being on the Marsden Building Society conveyancing panel is duty bound to inform Marsden Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Marsden Building Society then they would have to discontinue acting for you and Marsden Building Society.
How up to date is your search tool for the Marsden Building Society conveyancing panel? Do Marsden Building Society send you an updated list?
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 uncle passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed 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.
How can we tell if a solicitor on the Marsden Building Society panel is any good?
obtaining recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your transaction
I was told two weeks ago that my mortgage has been agreed
to by Marsden Building Society. Is it usual for Marsden Building Society 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 Marsden Building Society to deal with your lawyers application to be on the Marsden Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Marsden Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Marsden Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Marsden Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.