Do Mortgage Agency Services or the CML run professional training Courses for the
Mortgage Agency Services approved solicitor panel in much the same way that the Law Society run cases for CQS firms?
No such training is arranged by the CML but they do provided numerous general legal related conferences which are attended by firms on the Mortgage Agency Services conveyancing panel. We do intend to run specific lender focused seminars in the coming months including a webinar on Mortgage Agency Services’s Part 2 obligations. Practitioners on the Mortgage Agency Services conveyancing panel will be invited. Further details will be communicated as part of the LENDERmonitor Alerts.
Mortgage Agency Services would like me to conduct due diligence for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Mortgage Agency Services conveyancing panel) How does this work and are there different requirements from Mortgage Agency Services in this situation?
The CML, together with
Mortgage Agency Services and other members developed a standard set of instructions where a conveyancer is representing a lender such as Mortgage Agency Services alone in a residential conveyancing transaction.
These requirements are contained at Part Three of the UK Finance Lenders’ Handbook and are to be followed together with Sections One and Two.
The CML have published an example requirements letter to the borrower’s conveyancer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
As is the case with the Law Society the Council of Licensed Conveyancers has initiated dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as
Mortgage Agency Services since 2008 which is when lenders started being more restrictive.
Are there any specific Mortgage Agency Services conveyancing panel requirements relating to Transfer of Equity Conveyancing?
Mortgage Agency Services approved panel lawyers are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if
Mortgage Agency Services require, the deed of covenant on their behalf. You will need to check
Mortgage Agency Services CML Part 2 conditions to see if
Mortgage Agency Services have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the
Mortgage Agency Services conveyancing panel
Are figures published revealing the
Mortgage Agency Services conveyancing panel size as well as the number of conveyancing firms removed from their panel each quarter?
With lenders 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
Mortgage Agency Services conveyancing panel but for all bank panels
JLT’s PI Insurance renewal form enquires if my practice had been excluded from any mortgage panels in the last 12 months.
I recently found out that the practice is no longer on the
Mortgage Agency Services solicitor panel? Is this likely to impact my PII cover?
The best placed professionals to answer this question are your insurance brokers.
The chances are that on the basis that you have not been removed for
fraud or negligence reasons that there will be little or no
impact. The main reason why a firm would be removed off of a lender
panel is due to low volume of conveyancing cases although there may be
a number of criteria for Mortgage Agency Services solicitor panel
membership. Please remember that it is always important that you
complete your insurance forms accurately.
My firm is listed on the
Mortgage Agency Services
conveyancing panel and all set to complete a purchase shortly. My papers do not include a Legal Charge for the client to sign.
Who do I contact at Mortgage Agency Services to obtain duplicate documents?
You need to get in touch with Mortgage Agency Services
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual section for lenders to set out who to contact to obtain standard documents.
Mortgage Agency Services in their Part 2’s state:
Don’t forget to disclose the firm’s Mortgage Agency Services conveyancing panel number.