From the requirements of lenders, the heavy weight of regulation and the lack of time, some smaller firms of solicitors may feel that the dice is loaded against them.
MMiSolicitorSupport is in essence quality, value for money back-office services for other firms of solicitors building upon the technology and systems which McVey and Murricane have built in recent years. It is one way that smaller firms of solicitors can continue to compete on a level playing field with larger providers of services. McVey and Murricane believe that the availability of choice for the consumer in legal services is a vital component of Society.
Our current services to solicitors are as follows:
- MMiSolicitorsSupport: Lending Work FAQ Find Out More
- Constitution of security Find Out More
- Discharging securities Find Out More
- Conveyancing Work/Dealing with conflict cases Find Out More
- Straightforward Wills Creation Find Out More
The approach that has been taken by McVey and Murricane is not shared (or always appreciated!) by others but the hope is that some of the efficiencies and systemised approach that we have developed can assist other firms where they are unable to act because of restrictions by lenders, the impact of regulation or shortage of resources.
Because of the efficiencies and systemised approach McVey and Murricane are able to offer costs which will less negatively impact upon the cost of the whole service offered by other firms in the circumstances where they are unable to act for a lender.
One of the consequences of the financial crisis is that lenders are ever more restrictive in allowing legal practices, either with whom they are unfamiliar or whom they regard not to have a certain size or structure, to act on their behalf in the constitution of security or where a discharge is involved.
McVey and Murricane make no comment on whether these developments are reasonable or unreasonable because the reality is that the experience of the financial crisis has made lenders far more risk averse in instructing solicitors. In particular, the existence of a registered security is often essential for the lender to treat a mortgage as a secure balance sheet asset. Accordingly, the focus of many lenders is on control of their panel and an extremely rigourous approach to the availability of registered deeds.
Many practices find themselves unable to be instructed by a lender where the client of that practice is purchasing a property with a mortgage or, on occasion, selling property where a mortgage requires to be redeemed.
The approach of lenders falls into two categories when dealing with the circumstances where the solicitor acting on behalf of the borrower is not recognised by the lender as part of the lender's panel.
- The first category is where the lender has a separate representation procedure and instructs a preferred solicitor provider to deal with the separate representation element of the transaction. McVey and Murricane act for four major lenders who pursue this route.
- Other lenders follow a second category where they are happy that any firm of solicitors who is on their panel is nominated to act on behalf of the lender. It is in this second category that choice is available to those solicitors who are not instructed by lenders. Because of McVey and Murricane's experience in acting for lenders on separate representation and otherwise (McVey and Murricane act for in excess of a dozen lenders) there was some sense in creating a defined product for solicitors who have clients involved with transactions which fall into this second category.
The system is based upon electronic communication with a defined process which includes a clear list of the documents which are required in different circumstances. This is coupled with a restricted certificate from the solicitor who is acting for the borrower in respect of ID, source of funds and other similar issues which arise in the course of a transaction. That certificate has been designed not to place any obligation upon the solicitor over and above the work which they will already be carrying out. The aim of the system is that the amount of communication should be kept to the very minimum resulting in a much reduced workload for the solicitor acting on behalf of the borrower than they would normally expect where there is a separately represented lender.
Costs are based upon a modest standard charge which is augmented where there is urgency. The following is a guide to charging:
- the basic charge is £150 + VAT + outlays. Those outlays are the registration dues of the security and a charge of £30 plus VAT for sending the funds electronically.
- If the available turnaround time in dealing with the security constitution is reduced to between 10 and 15 working days then an additional £30 plus VAT is charged
- if the available turnaround time is reduced to between 5 and 10 working days then an additional £60 plus VAT is charged
- if the available turnaround time is reduced to between 0 and 5 working days then an additional £100 plus VAT is charged
If you want to instruct McVey and Murricane on a Separate Representation Matter you can find our instruction form here or contact either Catherine Morrow or Allan Radlow whose details are shown at the foot of this page.
Where a lender will not instruct a solicitor acting on behalf of the client who is selling a property mortgaged to that lender, and the Lender Is happy that a solicitor who is on their panel can be nominated, McVey and Murricane offer an accelerated system for other solicitors. That system involves an electronic instruction to McVey and Murricane using an online form which allows McVey and Murricane to request the title deeds and a redemption figure. The McVey and Murricane system produces a form of discharge which is utilised by the solicitor engaging with the system. The solicitor will redeem the amount required on the mortgage directly with the lender intimating that redemption to McVey and Murricane using the electronic system.
McVey and Murricane will then seek the execution of a discharge by the lender and formal confirmation that they have redeemed the loan account or accounts. When the discharge is returned to McVey and Murricane along with the confirmation of redemption it is forwarded to the instructing solicitor against payment of charges.
Provided that the electronic system is utilised, McVey and Murricane offer this service for a fixed fee of £90 plus VAT
Our instruction form will take very little time to complete and will ensure that the matter is given the speedy as possible attention. The instruction form can be accessed here
If you wish McVey and Murricane to handle a conveyancing transaction whether because of conflict or other issues then to ensure that it receives immediate attention, it would be exceptionally helpful if you could complete our instruction form which should take you less than one minute. Your enquiry will then be dealt with within two hours. If there is an urgent closing date then please include that on the form and this will ensure that the service is expedited.
Given that the work is only being attracted because of relationships which are personal to the referring solicitor, McVey and Murricane undertake not to cross sell or approach the referred client for work. As stated above we are delighted to pay a marketing fee for conveyancing referrals. That marketing fee, except in unusual circumstances would be 25% provided that the fee was not less than £500.
McVey and Murricane have developed a groundbreaking system which you can find at YourWills.scot
It is appreciated that this system will be useful for many solicitors where there is a demand from their clients for a Will but that the solicitor does not frequently carry out this work. In addition because of volume and systematisation McVey and Murricane can probably carry out the work at less than cost for many solicitors especially when the opportunity cost of time is taken into account. McVey and Murricane have a special version of their system which effectively “white labels” the material allowing the solicitor to offer this service. The solicitor has total control over the cost to client though the solicitor would be responsible to McVey and Murricane for their work as soon as the online information collection by the client has been completed. For the solicitor all that would be necessary would be to provide McVey and Murricane with extremely brief details. As with all other MMiSolicitorSupport services there is a cast-iron undertaking not to cross sell to the client in the future - it is a true back-office service.
Please contact Allan Radlow using the details below if you are interested in receiving further details of our white labelled Wills service for solicitors to provide to their own clients.
Discussing matters further
If you are interested in discussing using the MMiSolicitorSupport systems then please contact:
Senior Conveyancing Manager