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Ready to buy a new home? Failing to check that a lawyer is on the MandS 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 M&S Bank Conveyancing Panel? How can my firm be reinstated onto the M&S Bank Conveyancing Panel?Find an Approved Solicitor on the M&S Bank Conveyancing Panel
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A lawyer my fiance and I had intended to instruct on a purchase said she would charge more if my mortgage is with M&S Bank due to their unusual legal requirements. Will I regret using M&S Bank? Is M&S Bank conveyancing so much more difficult?
M&S Bank conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the M&S Bank conveyancing panel. If they are not, this does add further risk of delay as M&S Bank will appoint their own solicitors to look after their interest.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from M&S Bank was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer informs me that as she is on the M&S Bank conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the M&S Bank approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on M&S Bank)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to M&S Bank.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the M&S Bank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am thinking of remortgaging my house does my lawyer have to be on the M&S Bank Conveyancing panel?
There is nothing to stop you using your solicitor but M&S Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to lenders such as M&S Bank do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We expect to receive a DIP from M&S Bank 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 M&S Bank recommend a solicitor on the M&S Bank 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 M&S Bank conveyancing panel. The solicitor represents both you and the M&S Bank through the process.
My ex -wife’s name is on the M&S Bank mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the M&S Bank mortgage in order to sell?
In terms of the M&S Bank mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of M&S Bank in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
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