Mortgage Securitisation Claims (MSC) Queries
Mortgage securitisation is the bundling up and sale of a large number of mortgages, carried out by banks and building societies. The mortgages are then re-sold to investors throughout the world.
Actions on which we are advising are ongoing and commence in November 2019.
There is an 80% chance that your mortgage was sold, transferred or assigned in a securitisation package.
The process was expected to take between 12 and 36 months, depending on how soon discussions are completed with the lenders.
If you win, you may have all of your outstanding mortgage settled. Alternatively, you may see a completed refund of all interest payments made since the date of securitisation. At that stage, you will have a liability to your appointed Law Firm under a No Win No Fee Agreement.
The Banks face fines in the billions of pounds, regularly. Against this backdrop, the number of claims should not have a dramatic effect.
Any loan secured on a property, is a mortgage and therefore can be included in a Mortgage Securitisation Claim.
Yes, you may sign up alone. However, the DSAR paperwork will have had your partners name removed. You must clarify this with your legal advisers.
Legal Quest MSC relates to Buy to Let, Repayment, Interest only, Commercial and Deferred Mortgages as well as Trackers.
As any settlement will be agreed with the lender, your credit history should be unaffected.
You may be able to carry out a MSC yourself or use your own solicitor. Just make sure that the costs are competitive and that should you lose, you have no liability for the costs.
Sign Up Queries
As long as you know who your lender is, you don’t need documents at sign up. However, we will need a copy of your latest Mortgage Statement and copy of your Photo ID before we can contact your lender.
We are informed that only specific lenders are being informed of a MSC at this stage. Additional lender groups are being rolled out in a progressive manner.
If your mortgage has been settled, you have no cause of action at the present time.
A loan in arrears isn’t suitable for a Legal Quest MSC as there is a high probability that the mortgage wasn’t sold on.
If you have less than 3 years left, you may run out of time before the matter gets to court.
A business loan becomes a mortgage if it is secured on a property, and can be included, subject to it falling within the description of Personal Data.
If your property is outside the UK, unfortunately it isn’t subject to UK law and therefore is unsuitable.
Should you see an error, please email email@example.com or use the contact form to notify us.
Validation Process Queries
Following sign up you will receive a Welcome email along with a copy of the Terms & Conditions. You will then receive a Welcome Pack containing an Agent Authority Letter (AAL), as well as some help sheets and a pre-paid return envelope. You will need to return your Agent Authority Letter along with a copy of your Photo ID and latest Mortgage Statement in the envelope provided.
The Validation Process takes approximately 2 months depending on how quick and accurate your lender is. Few supply all the required information without further reminders.
Unfortunately, no. Your lenders will not accept a copy of an Agent Authority Letter. They must have what’s referred to as a 'Wet Signature', not a copy.
We require a Mortgage Statement from within the last 6 months. If you do not have this readily available, you can request one from your lender either over the phone or in branch.
If you don’t have access to a scanner, there are companies who offer a “scan & send” service. Please don’t send us your original Passport or Driving Licence. (We cannot be held responsible for the loss of any identification documents).
If your lender, as part of their security precautions, ask you to verify our appointment, then it is okay to do so.
Should this be the case please send the DSAR Documents to our DSAR & Operations Centre.
Should the lender fail to respong within the 30 days, we will send a Subject Access Request Reminder. After a further 14 days, we will send an FCA Complaint letter to your lender for failiure to supply the requested documents.
Please contact firstname.lastname@example.org and your details will be passed over to the Legal Team. You will then be contacted shortly after to discuss any questions that you may have. Only cases where a 100% level of proof exists, will be processed to the next stage.
Mortgage Securitisation Claim & No Win No Fee Queries
Please contact the law firm handling your case and your details will be passed over to their Legal Team. You will then be contacted shortly after to discuss any questions that you may have.
Unfortunately there is no set time for the dispute process. We expect this to take three years before a High Court decision is reached.
We very much doubt that this will ever go to court. We fully expect to have an agreement in the pre-litigation stage.
If you win, you will be liable for your law firms fee of 25% plus VAT. Different law firms have differing scales of charges. If you lose you will incur no further costs.
Your credit rating should not be affected meaning there is no reason that it would affect your ability to obtain another mortgage.
If you win, there is no reason why you couldn’t sell your property straight away.
In the event of an unsucessful claim, you will not incur any further costs.
All Court costs are covered by disbursements incurred by your law firm, on your behalf.