Examples of recent questions relating to the MBS Lending Ltd Conveyancing Panel from members of the public
On what basis could a law firm be removed from the MBS Lending Ltd approved conveyancing 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 :
- Low volume 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 MBS Lending Ltd
Our nephew is about to exchange on a newly built flat with a mortgage from MBS Lending Ltd. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the MBS Lending Ltd conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the MBS Lending Ltd conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the MBS Lending Ltd 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.
I am selling my house. Does my solicitor have to be on the MBS Lending Ltd conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the MBS Lending Ltd conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I have a mortgage with MBS Lending Ltd. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform MBS Lending Ltd?
MBS Lending Ltd must be informed of your intention in advance of renting your property as this is likely to be a breach of MBS Lending Ltd’s mortgage conditions. It may be that MBS Lending Ltd will permit you to let 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 MBS Lending Ltd directly. You need not do this via a MBS Lending Ltd conveyancing panel solicitor.
Can I register a complaint to MBS Lending Ltd about the lawyers being on the MBS Lending Ltd conveyancing panel?
Complaining to MBS Lending Ltd about their conveyancing panel is unlikely to yield much of a response. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
My offer on house has been accepted, but there is a chain. 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 MBS Lending Ltd?
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 MBS Lending Ltd 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 MBS Lending Ltd and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.