About Mortgage Securitisation Claims Ltd
Following a 5 year which commenced in May 2014, due to regulatory requirements, in-house business relationship with Legal Quest plc, required Camellus Law LLP to be reformed in April 2019, and in September 2019 this entity acquired all interests in Mortgage Securitisation Claims Ltd., in order for it to act as the independent legal case management firm, authorised by the Solicitors Regulation Authority (SRA), to be able to act for the existing and new MSC claimants as the direct legal liaison, with the proposed panel law firms, who are intended to be appointed during 2019/2020 to deal with the individual MSC’s. Mortgage Securitisation Claims Ltd., with Legal Quest plc acting as the SRA authorised Commerce & Industry body, was planned to promote their in-depth knowledge regarding MSC’s and, intend during the coming months, to source as many new potential MSC clients as possible, to determine if they have a valid MSC or not.
However, due to the final round of regulatory requirements, following the Covid 19 hiatus period, in October 2020 the continued FCA supervision of Claim Management Companies (CMC’s) for related regulated activities required that any aspects regarding the seeking out, sourcing or referring of a potential MSC had to be carried out by an FCA regulated firm, and Legal Quest plc was no longer carrying out any regulated activities. Further requirements that any/all pre-filing validation or legal administration or reporting under CPR 35 must be carried out by an independent, unbiased and impartial ‘expert’, resulted in the former parent company Legal Quest plc, after changing its name to C19 plc, (in order that the trading style of ‘Legal Quest’ was preserved), being placed into voluntary liquidation. This was a commercial decision, brought about by the financial pressures of the Covid situation and does not in any way affect the validity of the previous work or the potential outcome of any MSC’s.
Using our wealth of knowledge and the latest information processing technology, we and our affiliated partner firms, Samweb (UK) Ltd., who continue to be an FCA regulated firm who conduct the regulated activity of sourcing, seeking out and referring valid MSC’s to Mortgage Securitisation Claims Ltd., with Q.V. Auditors Ltd., able to act as the independent, unbiased and impartial Part 35 ‘Experts’ who are therefore able deliver a professional DSAR Validation Audit review of all mortgage accounts, in a timely and cost-effective manner and to prepare the correct Part 35 Expert reports, which the MSCL panel law firm(s) 9PLF’s) will need to be able to file a valid MSC, against your designated lenders.
The approved fixed costs for the initial DSAR and QVA reports in the amount of £700.00 + VAT, plus the additional fixed costs for the preparation of the Part 35 report, in the amount of £5,500.00 + VAT were considered to be reasonable, fair and recoverable (against which the previous contribution of £260.00 from the claimant was credited) being covered by the panel law firm and, as such, under the agreed No Win – No Fee arrangements with the Panel Law Firm(s) is only recovered from the MSC claimant(s), in the event of a successful claim, at settlement/award point.
Our Legal Experts
The former Legal Directors were well respected Solicitors, with an extensive knowledge of the complexities of Mortgage Securitisation and, with direct access to a panel of qualified external Part 35 Experts and academic professionals, were able to provide additional support and advocacy to all parties. The new proposed allocation of any/all validated MSC’s to a Panel Law Firm (PLF) to represent the MSC Claimants, under the prescribed ‘reserved legal activities’ regulations will ensure that all regulated legal activities are carried out under the SRA rules.