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MBS Lending Ltd Conveyancing Panel Recently Asked Questions
I am in the process of selling my flat and the estate agent has just texted me to advise that the buyers are changing their property lawyer. I am told that this is due to the fact that MBS Lending Ltd will only deal with solicitors on their approved list. Why would a leading mortgage company only work with specific solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company MBS Lending Ltd will not agree to this. Why was MBS Lending Ltd even consulted?
Your lawyer being on the MBS Lending Ltd conveyancing panel is duty bound to inform MBS Lending Ltd of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to MBS Lending Ltd then they would have to discontinue acting for you and MBS Lending Ltd.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the MBS Lending Ltd conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
Please explain the implications if my lawyer’s firm is suspended from the MBS Lending Ltd Solicitor panel in advance of completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with MBS Lending Ltd. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with MBS Lending Ltd involved you will need to appoint a solicitor on the MBS Lending Ltd conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to MBS Lending Ltd. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the MBS Lending Ltd conveyancing panel.
I have today made my last payment due on 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. Am I right?
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.
The for formalities of my remortgage has taken place with a loan from MBS Lending Ltd. Conveyancing was satisfactory but I feel I should register my dissatisfaction about MBS Lending Ltd. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the MBS Lending Ltd branches or the Customer Services Department at MBS Lending Ltd head office. Ordinarily complaints to MBS Lending Ltd are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service with full details of your complaint.
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Transfer of Equity for MBS Lending LtdPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors