Precise Conveyancing Panel Information

We only know of two or three banks that operate a separate approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Precise. 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 Precise

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Precise conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Full complaints history for each licensed conveyancer

Full disciplinary history for each conveyancing solicitor

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

List of fee-earners who are foreign qualified

List of all those who can sign off the Certificate Of Title

Solicitor

List of all those staff who work within the conveyancing team

List of all solicitors within firm

Areas of Law covered by the firm

Structure of firm and, where applicable, its group

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Precise. Some changes are more important than others but as a firm on the Precise 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.

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

We would recommend that you provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your application but gives the Law Society a complete picture of what has gone on.

You need to contact Precise to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit inquiry for lenders to reveal who to contact to obtain standard documents. Precise in their Part 2’s state: Please remember to disclose the firm’s Precise solicitors panel reference.