Masthaven Bank Conveyancing Panel Information

In operating open conveyancing panels, lenders such as Masthaven Bank face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Masthaven Bank and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Masthaven Bank conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

With mortgage companies and conveyancing firms working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Masthaven Bank conveyancing panel but for all lender panels

It would be advisable to provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the Law Society a complete picture of what has occured.

You need to get in touch with Masthaven Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for banks to cite who to contact to obtain standard documents. Masthaven Bank in their Part 2’s state: It helps to disclose your Masthaven Bank solicitors panel reference.