Q and A’s regarding the MBS Lending Ltd Conveyancing Panel
from members of the public
Much to my surprise I have been told by my lender that my property lawyer is not on the MBS Lending Ltd Solicitor panel. How can I check?
You need to contact your lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for MBS Lending Ltd.
Our solicitor has identified a legal deficiency with the lease for the apartment we are purchasing. The other side have suggested defective title insurance as a workaround. We are content 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. Who is the client here, us or MBS Lending Ltd?
Just because you have a mortgage offer from MBS Lending Ltd does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and MBS Lending Ltd are the client. These conveyancing instructions have to be complied with by the MBS Lending Ltd conveyancing panel who has to balance acting for you and MBS Lending Ltd
I see that you have a post code search directory identifying solicitors on the MBS Lending Ltd conveyancing panel. Do firms pay you a referral fee if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the MBS Lending Ltd conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
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.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the MBS Lending Ltd conveyancing panel requirements are different to MBS Lending Ltd’s conveyancing panel criteria.
My wife and I have arranged a further advance on our mortgage from MBS Lending Ltd as we wish to carry out alterations or improvements 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 conveyancing panel 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 have paid off my mortgage with MBS Lending Ltd. I assume I don't need a solicitor on the MBS Lending Ltd panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your MBS Lending Ltd mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the MBS Lending Ltd mortgage from the register. MBS Lending Ltd,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the MBS Lending Ltd has sent the Land Registry the discharge electronically, and
the MBS Lending Ltd has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your MBS Lending Ltd mortgage has been paid off.