Mortgage Express Conveyancing Panel Information

Lexsure only know of two or three banks that operate a separate approved solicitors panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Mortgage Express. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Mortgage Express

The CML Part II requirements of Mortgage Express are silent on this. Most mortgage companies deal with the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Mortgage Express’s interest. To be absolutely sure of Mortgage Express requirements in this regard please check the Terms and Conditions of Mortgage Express’s conveyancing panel membership.

During 2013, 57 sections of the UK Finance Lenders’ Handbook P2 were changed by Mortgage Express. Some changes are more important than others but as a firm on the Mortgage Express conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

You will be aware of the trend in recent years for lenders such as Mortgage Express to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Mortgage Express panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Mortgage Express have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Mortgage Express’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Mortgage Express. You will no doubt be required to undertake directly to Mortgage Express’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Mortgage Express conveyancing panel.

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 solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to communicate with Mortgage Express to obtain standard documents. The CML Handbook includes an explicit inquiry for banks to enumerate who to contact to obtain standard documents. Mortgage Express in their Part 2’s state: Don’t forget to disclose the firm’s Mortgage Express conveyancing panel reference.