MBS Lending Ltd Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers such as AmTrust. It is a unique risk mitigation tool.

This system facilitates the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on MBS Lending Ltd’s changes. While utilising this technology is not a condition for acceptance on the MBS Lending Ltd panel, demonstrating you can stay up to date with MBS Lending Ltd’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, protect your firm’s panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces SRA and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by MBS Lending Ltd

Lenders frequently vary their requirements. The BSA instructions from MBS Lending Ltd 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, MBS Lending Ltd has made 117 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 23.3 days. In total, 55% of the sections of the BSA Requirements for MBS Lending Ltd 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
B.3 30/07/2019 BSA
B.22 30/07/2019 BSA
C.15 30/07/2019 BSA
D.26 30/07/2019 BSA
D.45 30/07/2019 BSA
D.52 30/07/2019 BSA
D.56 30/07/2019 BSA
E.26 30/07/2019 BSA
C.12 24/01/2018 BSA
E.33 30/03/2016 BSA

Last update 01/04/2020

MBS Lending Ltd Conveyancing Panel Example Support Desk Enquires from members of the public

The lawyer my fiance and I wanted to use for conveyancing on a remortgage said he will levy higher legal fees if my mortgage is with MBS Lending Ltd because of their difficult processes! Will I regret using MBS Lending Ltd? Any comments will be appreciated
MBS Lending Ltd 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 MBS Lending Ltd conveyancing panel. If they are not, this does add further risk of delay as MBS Lending Ltd will appoint their own solicitors to look after their interest.
Our solicitor has discovered a problem with the lease for the apartment we are purchasing. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the MBS Lending Ltd conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is MBS Lending Ltd?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and MBS Lending Ltd are the client. A precondition to being on the MBS Lending Ltd approved panel is to comply with the CML Handbook requirements (last updated for this lender on MBS Lending Ltd). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that MBS Lending Ltd can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I have been looking for competitive conveyancing fees. Can I be assured that all the practices that are listed on your website are on the MBS Lending Ltd conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the MBS Lending Ltd panel and agreed to advise us to take down their listing in the event of removal off of the MBS Lending Ltd panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the MBS Lending Ltd conveyancing panel is not accurate.
I was scheduled to move into my flat two days ago. My solicitor is on the MBS Lending Ltd solicitors panel but has changed address in the past couple of months and had not advised MBS Lending Ltd of their new address. MBS Lending Ltd has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local MBS Lending Ltd branch or your mortgage broker to see if they can help.
My existing mortgage is with MBS Lending Ltd. My godfather retired last week and wants to pay off my mortgage. After MBS Lending Ltd is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the MBS Lending Ltd conveyancing panel? I do not intend to live at the property once the MBS Lending Ltd mortgage is discharged.
You will need a solicitor but they need not be on the MBS Lending Ltd conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
Completion of my remortgage has taken place with a mortgage from MBS Lending Ltd. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about MBS Lending Ltd. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the MBS Lending Ltd branches or the Customer Care Department at MBS Lending Ltd head office. Ordinarily complaints to MBS Lending Ltd are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
After much negotiation I have agreed a price on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the MBS Lending Ltd conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the MBS Lending Ltd panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.