Please see below questions surrouding the Legal Quest MSC.
Frequently Asked Questions
What is Mortgage Securitisation?
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.
Have you had a sucsessful win?
We have not had to opportunity of taking this to court yet. We need enough numbers for a class action.
What are my chances of winning?
There is an 80% chance that your mortgage was sold in a securitisation package.
How long does the entire process take?
The process is expected to take between 12 and 24 months, depending on how soon we have enough people to start discussions with the lenders.
What happens if I win?
If you win, you may have all of your outstanding mortgage settled. At that stage, you will have a liability to Legal Quest for 25% +VAT of the balance as per the CFA.
Will Mortgage Securitisation Claims bring down the banking sector?
The Legal Quest MSC needn’t cost the banks anything as they have already been paid for your mortgage. This is not a claim for damages.
What if I have loans guaranteed against my property (second loan)?
Any loan secured on a property, is a mortgage and therefore can be included in a Mortgage Securitisation Claim.
I have a joint mortgage with an ex-partner who may not agree to sign the paperwork. Can I sign up alone?
Yes, you may sign up alone, however, the DSAR paperwork will have had your partners name removed.
Does the Legal Quest MSC apply to buy to let mortgages?
Legal Quest MSC relates to Buy to Let, repayment, Interest only, commercial and deferred mortgages as well as Trackers.
Could a Legal Quest MSC affect my credit?
As any settlement will be agreed with the lender, your credit history should be unaffected.
Can a Mortgage Securitisation Claim (MSC) be taken on by myself or my solicitor?
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.
Please see below for any questions regarding signing up to the Legal Quest MSC.
What documents do I need in order to sign up?
As long as you know who your lender is, you don’t really need documents at sign up, however, we will need a copy of your last mortgage statement and copy ID before we can approach your lender.
I have multiple mortgages. Do you offer discount?
For multiple discounts, use the contact form and we will see what we can do for you.
My Lender isn't listed. Why is this?
We only list the most popular lenders. Please select the “OTHER” tab at signup and fill in the name of your lender.
Why can't I proceed with my lender?
If the system doesn’t allow you to proceed, then your lender may not securitise their mortgage book.
I have settled my mortgage. Can I still apply?
If your mortgage has been settled, you have no cause of action at the present time.
My Mortgage is in arrears. Can I still apply?
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.
I have less than two years remaining on my mortgage. Can I still apply?
If you have less than 2 years left, you may run out of time before the matter gets to court.
I have a business loan against a property. Does this still apply?
A business loan becomes a mortgage if it is secured on a property, and can be included.
My correspondence address is abroad. Will this be a problem?
Please use the contact form so that we can discuss this further.
My mortgaged property is outside of the UK. Can I still apply?
If your property is outside the UK, isn’t subject to UK law and therefore unsuitable.
I'm trying to signup but an error occurs. What should I do?
Should you see an error, please email firstname.lastname@example.org immediately or use the contact form to reach us.
Validation Process Queries
Please see below for any questions regarding the Validation Process of the Legal Quest MSC.
Now I have signed up, what happens next?
Following sign up you will receive a welcome email, copy T’s & C’s and a request for supporting documentation. You will also receive an Agent Authority letter for signature. You must then return this to our DSAR Processing Center. The address can be found here.
How long does the Validation Process take?
The Validation Process takes approximately 3-4 months depending on how quick and accurate your lender is. Few supply all the required information without further reminders.
I have received my Agent Authority Letter (AAL). Do you require original Identification and Mortgage Statement?
Please return a signed, original AAL, copy of your Identification and a recent Mortgage Statement.
Can I send my documents electronically?
Unfortunately, no. Your lenders will not accept copies of AAL’s. They must have what’s referred to as a “WET SIGNATURE”. Not a copy.
What if I can't find my most recent mortgage statement?
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.
I don't have a scanner, can I take a photograph of my photo ID and Mortgage Statement?
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).
My lender has contacted me for further authorisation, do I need to contact them?
If your lender, as part of their security precautions, ask you to verify our appointment, then it is okay to do so.
I have recieved my DSAR Documents, where do I need to send them?
Should this be the case please send the DSAR Documents to our DSAR Processing Centre. The address can be found here.
It has been over 40 days since you requested the information from my lender, what happens now?
If the 40 days have lapsed, we will be chasing up the lender shortly.
I have recieved a negative opinion, how can I find out more information?
Please email email@example.com with your request and we will respond as soon as possible.
Dispute Process & Conditional Fee Agreement Queries
Please see below for any questions regarding the Dispute Process & the Conditional Fee Agreement.
I have received my CFA agreement, but wish to discuss it further. What should I do?
For any queries please contact firstname.lastname@example.org with your CFA Request, and we will pass this over to our legal department.
Now long does the Dispute Process take?
Unfortunately there is no set time for the dispute process. We anticipate a maximum of two years.
What is a Class Action?
A class action is one where a large group of people with the same complaint against the same lender, group together and carry out a single action with many named claimants.
What is a Primary Claimant?
A primary claimant is one who’s name appears on the court paperwork.
How many Primary Claimants do you need against my lender in order to proceed?
A minimum of 100 Primary Claimants is required to amortise the costs of taking this matter to court.
Is this likely to go to court?
We very much doubt that this will ever go to court. We fully expect to have an agreement in the pre-litigation stage.
If I win what will I have to pay?
If you win, you will owe us our fee of 25% plus VAT. Lose and it costs you nothing.
Will I be able to obtain a mortgage in the future? Will this affect my relationship with my bank?
Your credit rating should not be affected so there is no reason that it would affect your ability to obtain another mortgage. Consider this. You have a greater equity in your home and far less likely to default on any loan in the future.
If I win, how soon can I move/sell my property?
If you win, there is no reason why you couldn’t sell your property straight away.
If I lose, will I incur any costs?
If you lose, you will NOT incur any further costs.
You mention court costs. How are these paid?
Court costs are our responsibility.