MBS Lending Ltd Conveyancing Panel : Questions and Answers from members of the public
My fiance and I are buying a 1 bedroom apartment in Newcastle with a mortgage from MBS Lending Ltd. We would like to retain our solicitor but MBS Lending Ltd says she’s not on their "panel". It seems we have little choice but to instruct one of the MBS Lending Ltd panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the MBS Lending Ltd conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for MBS Lending Ltd
can you help? My conveyancer is advising me that he has to conduct a Local Authority search because the firm are on the MBS Lending Ltd conveyancing panel. The searches cost a lot of money. Can this be avoided?
You have limited options available to you. As you are taking a mortgage with MBS Lending Ltd your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of MBS Lending Ltd’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated MBS Lending Ltd. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
How up to date is your database of lawyers on the MBS Lending Ltd conveyancing panel? Do MBS Lending Ltd send you an updated list?
The law firm practices themselves provide us confirmation that they are on the MBS Lending Ltd conveyancing panel as opposed to being supplied with a list from MBS Lending Ltd directly.
I was due to move into my dream home last Thursday. My lawyer’s firm is on the MBS Lending Ltd conveyancing panel but has changed address 8 weeks ago and had not informed MBS Lending Ltd of their new address. MBS Lending Ltd has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. 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 assist.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the MBS Lending Ltd conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
We were going to get a DIP from MBS Lending Ltd this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the MBS Lending Ltd recommend a solicitor on the MBS Lending Ltd conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the MBS Lending Ltd conveyancing panel. The solicitor represents both you and the MBS Lending Ltd through the process.
I was told three weeks ago that my mortgage has been agreed
to by MBS Lending Ltd. Is it usual for MBS Lending Ltd to only issue the offer once my
solicitor is approved on their conveyancing panel?
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.