Looking for information about your firm's panel status?
Marsden Building Society Conveyancing Panel Assistance:
What are the Marsden Building Society conveyancing panel arrangements?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
The Society uses Legal Marketing Services Ltd (LMS) for its panel arrangements who will require the following information:
1) Up to date practising certificate
2) Copy of professional indemnity insurance
3) Confirmation that you have adequate fire storage facilities
4) Confirmation that you are already a panel member of at least 6 recognised lenders
Please contact the Society through the LMS SecureLink portal on the Conveyancer Zone. Alternatively you can contact the Lending Services Department by telephoning 01282 440500 or emailing completions-post@themarsden.co.uk
You must also comply with the terms and conditions of your Marsden Building Society solicitor panel appointment.
Are Marsden Building Society Conveyancing panel solicitors at risk of the society amending or withdrawing the mortgage?
Marsden Building Society ‘s answer to this question can be found at section B.3 of their BSA Mortgage Instructions which states:
1) Where we think there is fraud
2) We have been told something material is untrue or misleading
3) You cannot confirm that the legal details are satisfactory
4) You cannot comply with any of the offer conditions
5) At the time we intended to lend the money, the property’s value is materially less than the loan amount.
6) There has been a change to the customers circumstances which is likely to have a material impact on their ability to afford the loan or there is any fraud, misrepresentation, non-disclosure of material information or title defect.
Do you have any idea what Lenders such as Marsden Building Society are asking for when it comes to applying to be on their approved solicitor list?
Although not necessarily published, lenders have varying criteria .
We do not hold specific requirements relating to the questions raised as part of the application to be on the Marsden Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
- Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
- PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – top-up split and history of any refusals
- Whether any lender has ever made a claim against the firm’s PII cover
- Charge registration history
- House price discrepancies (declared to lender vs. registered at Land Registry)
- SRA or equivalent regulator registration number where applicable
- Full disciplinary history for each licensed conveyancer
- Full complaints history for each licensed conveyancer
- Number of lender conveyancing panels the firm is currently on
Are there conditions, outside the BSA Mortgage Instructions, that a
firm should be aware of when on the Marsden Building Society
conveyancing panel?
In order to be on the Marsden Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Marsden Building Society) are as follows:
- To forward the title deeds and documents to another solicitor within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
- To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
- To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
- That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
- To quote on all communications with us relating to deeds issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
Who do building societies include on their conveyancing panel?
In the same way that there is a unique Marsden Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement.
Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.
JLT’s PII renewal form enquires if my practice had been excluded from any mortgage panels in the last year . I just became aware that the practice is no longer on the Marsden Building Society conveyancing panel? Will that impact my PII cover?
The best placed professionals to answer this question are your insurance brokers.
The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Marsden Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.
The CML Handbook contains conveyancing instructions for a property with a solar panel. Marsden Building Society do not seem to have any similar obligations via the BSA Mortgage Instructions. Am I missing something?
The BSA Mortgage Instructions don't
specifically deal with Solar Panels but it would be prudent as
approved solicitors for Marsden Building Society to raise the issue
with them (as you would if the UK Finance Lenders’ Handbook applied). In any event you
need to raise the appropriate questions for your buyer client.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Marsden Building Society Approved Conveyancing Solicitors Panel
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Average number of days to register title including a charge in favour of Marsden Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Marsden Building Society Firms
- Draft Report on Title precedent for Marsden Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Marsden Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Marsden Building Society lender panel
- Buy-to-Let help for Marsden Building Society
- Consent-to-Let help for Marsden Building Society
- Contractor Mortgages with Marsden Building Society
