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M&S Bank Conveyancing Panel Recently Asked Questions
My husband and I are buying a 3 bedroom flat in Leeds with a mortgage from M&S Bank. We have a lawyer but M&S Bank says he's not on their "panel". We have to appoint one of the M&S Bank panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that M&S Bank use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the M&S Bank 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 M&S Bank
Expecting to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for M&S Bank. What risks do M&S Bank expect the insurance to cover?
Any lawyer on the M&S Bank 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 M&S Bank’s Part 2 requirements of the CML Handbook (last updated on M&S Bank). Being on the M&S Bank conveyancing panel your lawyer is expect to follow these instructions.
I need to find a M&S Bank panel solicitor in Stirling. Can you assist?
It is not clear why you need a M&S Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to M&S Bank to find out which solicitors in M&S Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
What happens if my solicitor is suspended from the M&S Bank Conveyancing panel prior to the completion date?
The first thing to point out is that, this is very unlikely to happen. 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 at a cost.
Is it common for M&S Bank to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as M&S Bank can revoke their mortgage offer although this is unusual. In the unlikely event that M&S Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a number of examples:
- If the borrower informs M&S Bank of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that M&S Bank conveyancing panel solicitors would be obliged to notify M&S Bank of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
It is not clear whether my mortgage offer requires a lease extension . I have called M&S Bank on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the M&S Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the M&S Bank panel she or he must comply with the CML Handbook requirements for M&S Bank. Unless your lawyer obtains specific confirmation in writing that M&S Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask M&S Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I recently had an offer accepted on a house. My mortgage broker recommended their conveyancers I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the M&S Bank 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 M&S Bank 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.
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