Precise Mortgages Conveyancing Panel Information

The CML is an association rather than a regulator and therefore do not advise on grievances against lenders. You can of course contact Lexsure to see if we can assist.

We are not aware of any intention on the part of the CML to develop such a search facility.

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.

With lenders and solicitors working so closely together 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 bank panel listings

In the circumstances 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 cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should contact Precise Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for lenders to enumerate who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state: You will need to quote your Precise Mortgages solicitors panel number.