FAQs for the MBS Lending Ltd Solicitor Panel from members of the public
I instructed a law firm to carry out on my purchase six weeks ago having applied for a mortgage with MBS Lending Ltd. The firm reassured me that they are on MBS Lending Ltd conveyancing panel and gave me their panel number. MBS Lending Ltd then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the approved panel for MBS Lending Ltd?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the MBS Lending Ltd conveyancing panel You may wish to enlist the help of your broker to check with the MBS Lending Ltd as to how long they think it will take to get the firm to get back on the panel.
Expecting to move into my new home next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for MBS Lending Ltd. What risks do MBS Lending Ltd expect the insurance to cover?
All property lawyers on the MBS Lending Ltd conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in MBS Lending Ltd’s Part 2 requirements of the CML Handbook (last updated on MBS Lending Ltd). Being on the MBS Lending Ltd conveyancing panel your lawyer is expect to follow these requirements.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the MBS Lending Ltd conveyancing panel. My lawyer has said that they are on the MBS Lending Ltd approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the MBS Lending Ltd conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the MBS Lending Ltd solicitor panel.
I am thinking of mortgaging my house does my lawyer need to be on the MBS Lending Ltd Conveyancing panel?
There is nothing to stop you using your solicitor but MBS Lending Ltd will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Last month we had a mortgage agreed in principle with MBS Lending Ltd. Solicitors have been instructed? How long does it take for MBS Lending Ltd to send the offer to our conveyancer
Some lenders take longer than others. Have MBS Lending Ltd done the survey? Have you advised MBS Lending Ltd as your lawyers details and checked that your lawyer is on the MBS Lending Ltd conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I have had an offer accepted on a apartment I spoke to a lawyer recommended by my uncle and he recommended instructing a solicitor approved by MBS Lending Ltd. The estate agent recommended two local firms so I asked MBS Lending Ltd if the 2 suggested solicitors are approved, which they are not. MBS Lending Ltd suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of MBS Lending Ltd 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of MBS Lending Ltd to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the MBS Lending Ltd conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto MBS Lending Ltd conveyancing panel as it may only take about 2-3 weeks. As long as they meet MBS Lending Ltd’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
My existing mortgage is with MBS Lending Ltd. My uncle retired last week and wants to pay off the mortgage left on the property. After MBS Lending Ltd is paid, I want to transfer the property to my mother's name; How long does the process 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.
Although you do need to retain the services of a lawyer they dont
need to be on the MBS Lending Ltd 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. There's no capital gains tax for you as it is
your main residence.