Mortgage Express (No 2) Conveyancing Panel Information

In order to be on the Mortgage Express (No 2) conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Mortgage Express (No 2)) are as follows:

• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Mortgage Express (No 2) immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Mortgage Express (No 2)’s mortgage offer are correct. If they are not, please let Mortgage Express (No 2) know as soon as possible as it will be necessary for Mortgage Express (No 2) to check with the valuer whether the valuation needs to be revised. Mortgage Express (No 2) conveyancing panel solicitors are not expected to assume the role of valuer. Mortgage Express (No 2) are simply trying to ensure that the valuer has valued the property based on correct information. (c) Mortgage Express (No 2) recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Mortgage Express (No 2) recommend that, if we send a copy of a valuation report that Mortgage Express (No 2) have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Mortgage Express (No 2) or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Mortgage Express (No 2) conveyancing panel

On the basis that your practice in is on the Mortgage Express (No 2) conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Mortgage Express (No 2) are to lend, they may require indemnity insurance. In any event,you will need to check Mortgage Express (No 2)’s specific requirements. Notwithstanding whether Mortgage Express (No 2) will lend in such circumstances you still need to advise the borrower (unless you are acting for Mortgage Express (No 2) alone) as to the risks of buying a property with an insolvent or absentee landlord.

Your insurance brokers are your best port of call to address this question. 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 Express (No 2) solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to contact Mortgage Express (No 2) to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific question for lenders to set out who to contact to obtain standard documents. Mortgage Express (No 2) in their Part 2’s state: It helps to quote your Mortgage Express (No 2) conveyancing panel reference.