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Ready to buy a new home? Failing to check that a lawyer is on the list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the MBS Lending Ltd Conveyancing Panel? How can my firm be reinstated onto the MBS Lending Ltd Conveyancing Panel?Find an Approved Solicitor on the MBS Lending Ltd Conveyancing Panel
MBS Lending Ltd Conveyancing Panel : Questions and Answers
On what basis would a firm of solicitors be excluded from the MBS Lending Ltd approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by MBS Lending Ltd
My lawyer has identified a discrepancy between the assumptions in MBS Lending Ltd’s valuation report and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the MBS Lending Ltd conveyancing panel he needs to check that the lender is with this discrepancy and is content go ahead. Is my lawyer’s course or action correct?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am planning to acquire a house and need a conveyancing solicitor in Liverpool who is on the MBS Lending Ltd solicitor. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for MBS Lending Ltd . We don’t recommend any particular firm.
I was scheduled to complete on my dream home two days ago. 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 is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of 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 help.
We expect to receive a DIP from MBS Lending Ltd this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (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.
After much negotiation I have agreed a price on an apartment. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 200. Soon after the conveyancers contacted me to say that they were not on the MBS Lending Ltd conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the MBS Lending Ltd panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am selling my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, MBS Lending Ltd are being difficult. The solicitor who is on the MBS Lending Ltd conveyancing panel is recommending indemnity insurance as a solution but MBS Lending Ltd are insisting on a building regulation certificate. Why do MBS Lending Ltd have a conveyancing panel of they don’t accept advice from them?
It is probably the case that MBS Lending Ltd have referred the matter to their valuer. The reason why MBS Lending Ltd may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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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