Mortgage Agency Services Conveyancing Panel Information

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.

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.

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

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

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.

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.