FAQs : The MBS Lending Ltd Solicitor Panel
from members of the public
I am obtaining a mortgage offer from MBS Lending Ltd. I would like to enlist the help of a Licensed Conveyancer. Does the MBS Lending Ltd Solicitor panel include conveyancers regulated by the CLC
MBS Lending Ltd’s conveyancing panel is, like many other lenders associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am buying a newly built duplex and my solicitor is informing me that she is duty bound to disclose incentives from the builder as her firm is on the MBS Lending Ltd conveyancing panel. I am nearing the developer’s deadline to exchange and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. 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 Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been Googling for online conveyancing estimates. Can I be sure that all the law firms that are identified on your directory are on the MBS Lending Ltd conveyancing panel?
The law firms listed on our site have advised us 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.
My grandfather passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to MBS Lending Ltd , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then MBS Lending Ltd will insist on your using a conveyancer on the MBS Lending Ltd 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 MBS Lending Ltd 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 MBS Lending Ltd mortgage is registered as a charge at the Land Registry.
My wife and I have arranged a further advance on our mortgage from MBS Lending Ltd as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the MBS Lending Ltd conveyancing panel to deal with the legals?
MBS Lending Ltd do not ordinarily instruct firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the MBS Lending Ltd panel
I can not work out if my mortgage offer requires a lease extension . I have telephoned MBS Lending Ltd on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the MBS Lending Ltd conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the MBS Lending Ltd panel she or he must comply with the CML Handbook requirements for MBS Lending Ltd. Unless your lawyer obtains specific confirmation in writing that MBS Lending Ltd will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask MBS Lending Ltd to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My offer was accepted on an apartment on the 12th February 2014, valuation was booked 4 days after, received a clean bill of health. Conveyancer appointed, so all that was missing was my mortgage offer. Having made daily calls to MBS Lending Ltd and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the MBS Lending Ltd conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for MBS Lending Ltd to deal with your lawyers application to be on the MBS Lending Ltd conveyancing panel. There's no guarantee that your solicitors will be accepted.