Frequently asked questions relating to the MBS Lending Ltd Solicitor Panel from members of the public
My IFA has has requested my law firm’s panel reference for the MBS Lending Ltd conveyancing panel. What is the best way to discover this. I have called my local MBS Lending Ltd branch but they don't know it.
Have you tried speaking to your lawyer about this?. They should have a central record lender panel numbers including the MBS Lending Ltd panel reference.
I am due to move into my new home next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house 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?
Any lawyer 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 instructions.
Whilst your website is a good idea there are many lawyers listed near Hackney on the MBS Lending Ltd conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the MBS Lending Ltd approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
My uncle passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to MBS Lending Ltd , pay off the mortgage etc. Is this allowed?
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.
Do the majority of 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 requirements.
I have a mortgage with MBS Lending Ltd. My father has just retired 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. There's no capital gains tax for you as it is
your main residence.
I currently have a mortgage with with MBS Lending Ltd. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform MBS Lending Ltd?
MBS Lending Ltd must be informed of your intention in advance of renting your property as this is likely to be a breach of MBS Lending Ltd’s mortgage conditions. It may be that MBS Lending Ltd will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact MBS Lending Ltd directly. It should not be necessary to do this via a MBS Lending Ltd conveyancing panel lawyer.
