Mortgage Express Conveyancing Panel Information

The CML, together with Mortgage Express and other stakeholders created a standard set of requirements where a conveyancer is acting for a lender such as Mortgage Express alone in a residential conveyancing matter. These obligations are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

There are many reports available, five of which are as follows:

• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Average mortgage advance
• Number of conveyancing cases by lender
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data

There are various requirements 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 immediately. (II) 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’s mortgage offer are correct. If they are not, please let Mortgage Express know as soon as possible as it will be necessary for Mortgage Express to check with the valuer whether the valuation needs to be revised. Mortgage Express conveyancing panel solicitors are not expected to assume the role of valuer. Mortgage Express are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Mortgage Express 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 recommend that, if we send a copy of a valuation report that Mortgage Express 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 survey 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 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 conveyancing panel

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

You should contact Mortgage Express to obtain standard documents. The CML Handbook contains a specific section for lenders to reveal 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 solicitors panel number.