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, transferred or assigned in a securitisation package.
How long does the entire process take?
The process is expected to take between 12 and 36 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 24% inc 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 (Mortgage Securitisation Claim) 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 (Mortgage Securitisation Claim) 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 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.
I have multiple mortgages. Do you offer discount?
For multiple mortgage signup discounts, please contact firstname.lastname@example.org.
My Lender is not listed. Why is this?
We only list the most popular lenders. Please select the 'Other' tab when selecting your lender and enter the name of your lender.
Why cant 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 three years remaining on my mortgage. Can I still apply?
If you have less than 3 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, unfortunately it isn’t subject to UK law and therefore is unsuitable.
I'm trying to sign up but an error occurs. What should I do?
Should you see an error, please email email@example.com or use the contact form to notify 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 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..
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 the Agent Authority Letter along with a copy of your Photo ID and a recent Mortgage Statement.
Can I send my documents electronically?
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.
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 either over the phone or in branch.
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 & Operations Centre. The address can be found by clicking here.
It has been over 30 days since you requested the information from my lender. What happens now?
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.
I have recieved a negative opinion, how can I find out more information?
Please contact firstname.lastname@example.org and you details will be passed over to the Legal Team. You will then be contacted shortly after to discuss any questions that you may have.
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?
Please contact email@example.com 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.
Now long does the Dispute Process take?
Unfortunately there is no set time for the dispute process. We expect this to take three years before a High Court decision is reached.
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 be liable for our fee of 24% inc VAT. If you you lose you will incur no further costs.
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 meaning there is no reason that it would affect your ability to obtain another mortgage.
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, do I have to pay anything?
In the event of an unsucessful claim, you will not incur any further costs.
You mention court costs. How are these paid?
All Court costs are covered by us.