Precise Mortgages Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Precise Mortgages and to assist in remaining on the Precise Mortgages Solicitors Panel.

Precise Mortgages Conveyancing Panel: Recently Asked Questions

Do Precise Mortgages or the Council of Mortgage Lenders run professional training Courses for the Precise Mortgages approved solicitor panel in the same way that CQS run CPD Courses for accredited firms?
No such training is arranged by the CML however they do host a number of general conveyancing related conferences which are attended by firms on the Precise Mortgages conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on Precise Mortgages’s Part 2 requirements. Practitioners on the Precise Mortgages conveyancing panel will be invited. Information about the webinar will be made available as part of the LENDERmonitor Alerts.

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Is it possible that Precise Mortgages will assign an alternative firm on the Precise Mortgages conveyancing panel for a further advance during the lifetime of a mortgage?
Paragraph 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Precise Mortgages conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.
My firm is representing a seller of a property and we have just received an email from the buyers solicitors who are not on the Precise Mortgages conveyancing panel requesting that we undertake to send certain post-completion documents to a law firm on the approved solicitor list for Precise Mortgages. How has this come about?
You will be aware of the trend in recent years for lenders such as Precise Mortgages 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 Precise Mortgages panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Precise Mortgages 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 Precise Mortgages’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 Precise Mortgages. You will no doubt be required to undertake directly to Precise Mortgages’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 Precise Mortgages conveyancing panel.
My conveyancing assistant has resigned unexpectedly. I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to Precise Mortgages once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Precise Mortgages?
Precise Mortgages will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the Precise Mortgages conveyancing panel.
Do publish figures exists revealing the Precise Mortgages conveyancing panel size and the number of conveyancing firms removed from their panel each quarter?
With mortgage companies and solicitors 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 Precise Mortgages conveyancing panel but for all lender panel listings
We had our Precise Mortgages panel membership suspended but we have not yet been given an explanation yet. I am completing a CQS renewal questionnaire what details must I put forward?
In this situation please clarify on the application what steps you have taken to discover the reasons behind cancellation of your Precise Mortgages panel membership. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?
Our practice is on the Precise Mortgages conveyancing panel and scheduled to complete a remortgage shortly. My papers do not include a Mortgage Deed for the client to sign. Who do I contact at Precise Mortgages to obtain duplicate documents?
You need to communicate with Precise Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual section for banks to establish who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state:
It is likely that you will need to disclose your Precise Mortgages solicitors panel reference.

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Average number of days to register title including a charge in favour of Precise Mortgages
This information relates to purchase only and not remortgages.
2023 26.1
2022 [no data]
2021 [no data]
2020 [no data]
2019 [no data]
2018 43.5
* Data aggregated from sources including COMPLETIONmonitor