Mortgage Securitisation Claims Terms & Conditions
Following the formal registration and instruction to the recommended panel law firm professionals on a No Win – No Fee* Representation basis for the filing of a Mortgage Securitisation Claim paperwork to your Bank/Lender. No Administration Charges. Subject to a 25% + VAT "No win-No fee"* agreement.
1. At the completion of the DSAR Validation Audit process a report will be given by Legal Quest plc to MSC Ltd. with either a negative or positive result. If we receive a negative opinion you will not have a cause of action or case, you will receive a Statement of Facts and the matter will end as far as MSC Ltd. and Legal Quest plc are concerned. Your data will then be deleted/destroyed.
If, however, a positive legal opinion, is given to a panel law firm by MSC Ltd., you are eligible to file a Mortgage Securitisation Claim (MSC) and join the other MSC Claimants who have a similar MSC action against your lender.
2. When you sign the Conditional Fee Agreement (CFA), which is more commonly referred to as a No Win – No Fee* agreement, and the panel law firm’s normal client care paperwork, your individual MSC will now commence and the relevant formal filings will be prepared and submitted as quickly as possible
3. If you choose not to instruct the MSC Ltd. panel law firm, MSC Ltd. or any other associated company/firm will not pursue a Mortgage Securitisation Claim (MSC) for and on your behalf and any future overall or general lender settlement or award, negotiated by MSC Ltd. or their panel law firm(s) will not be applicable to you.
You are obviously free to choose to instruct or appoint any other firm of solicitors to act for you and it is strongly recommended that if you do choose to appoint an alternative firm, you confirm the costs and indemnity provided by them, to you. As well as check that they have the required skill, expertise. knowledge and qualifications to be able to adequately you represent you, with sufficient professional indemnity insurance and After the Event (ATE) insurance protection for adverse costs, should they not proceed with your case or it is lost or abandoned by them.
4. If you have not signed and returned the CFA and relevant paperwork to MSC Ltd. no further liability shall be remaining between MSC Ltd. or Legal Quest plc and yourselves.
5. The CFA instructs the MSC Ltd. panel law firm to proceed with your Mortgage Securitisation Claim (MSC) against your lender with your appointment of the Legal Team to represent you and negotiate with the lender or pursue the case in Court.
6. By signing the Conditional Fee Agreement (CFA) all participants are named including MSC Ltd., with the percentage of any fee or benefit stated. Examples of potential outcomes are included at the end of the CFA. An example is available for review on our website www.yourmsc.co.uk.
The total fee is calculated at 30% inclusive of VAT of any benefit to you
7. You are hereby advised that NO additional fees are authorised or will be due and payable by you to anyone who is not named in the CFA.
8. MSC Ltd and/or Legal Quest plc will prepare all the paperwork with the panel law firm in readiness for the Mortgage Securitisation Claim (MSC) and your legal team will instruct external solicitors, mediators and/or barristers as required and undertake that there will be NO further costs to you, until your claim is successful.
9. The MSC Ltd. panel law firm will arrange ATE insurance and litigation funding, as required, at no cost to you.
10. MSC Ltd. undertake to offer an indemnity through Legal Shield Protect Limited, a legal entity wholly controlled by Camellus Law LLP, to provide you with "Before the Event" cover for a six-year period commencing on the happening of a successful action. This will provide defence costs cover should, in the unlikely event that the Third Party to whom your mortgage was sold, commences any future recovery action against you. The indemnity policy does not provide legal expense cover for any other subject that is not related to the MSC.
11. On the happening of a successful Mortgage Securitisation Claim (MSC), a fixed premium cost indemnity policy will be offered and will be used to provide BTE Insurance and/or future indemnity provisions, for your benefit. You will be the sole named beneficiary of any BTE Insurance policy, arranged for, and on, your behalf.
12. You agree that should any court award additional legal costs in you favour, these are to be paid to the benefit of the legal teams involved and are not deductible from the CFA.
13. The entire process from submission to resolution is expected to be a lengthy one and we advise that the realistic time frame for any decision(s) regarding a Mortgage Securitisation Claim (MSC) may be as long as 3 years from first submission to reach a High Court decision, with an additional 2 years expected if the case goes to Supreme Court.
It is expected that the actual time frame from initial filing of your MSC to a decision or more probably a negotiated settlement will be much less, but there is no control over response times from the lender or their professional advisors.
14. If there is a successful outcome depending on the format and terms etc., the legal professionals will prepare and deliver any documentation in order to bring the matters to a conclusion.
15. If you cancel the CFA after the 14-day period has ended but before a settlement or award has been achieved within a 2 year period from the date of the CFA being signed, the panel law firm is entitled to charge the legal costs and disbursements incurred to the date you cancelled the CFA, capped at £12,000.00.
16. Your commitment to us is such that you agree to lend all necessary assistance to the legal teams in order that the legal team may pursue your cause of action.
17. You undertake NOT to provide false or misleading information and provide all information requested as accurately as you can.
18. After a successful win, the purchasers of your original loan may make a claim of ownership against you. If you wish, BTE insurance, arranged by MSC Ltd. for you, with you as the named party, will provide you with cover for legal defence costs that may be incurred in defending their claim.
You owe it to yourself and family to at least check the documentation and, if as we believe is the case, to then proceed to a formal MSC and potentially secure a significant ‘win’* as a result.
*A significant win is one where at least 30% of your mortgage balance is set aside or credited or a financial benefit is gained.
No Win No Fee*: *Cancellation Fees may apply once legal work has started on your case.
Data Protection: All of your data is controlled and processed in accordance with the Data Protection Act 2018 and will be used to help us pursue your complaint. Your files are retained electronically for up to 6 years or will be deleted once we no longer have any purpose for it.
Legal Quest plc who operate LARS and the archive system reserves the right to charge a fee for the recovery of your file should you wish for a physical copy to be provided. Electronic copies may be accessed without charge.
At no time will MSC Ltd. and/or Legal Quest plc disclose any of your information to any third party, we do not share your data with anyone other than your appointed panel law firm and any of their legal representatives.