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

Can my practice make a complaint to the Council of Mortgage Lenders about being removed from the Precise Mortgages conveyancing panel?
The CML is not a regulator and therefore cannot investigate grievances against lenders. You can of course contact Lexsure to see if we can assist.

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Given my firm’s membership on the Precise Mortgages conveyancing panel how long am I expected to retain the complete conveyancing file?
The Council of Mortgage Lender requirements of Precise Mortgages are silent on this. Most lenders deal with the issue of file retention via their Terms of panel appointment 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 Precise Mortgages’s interest. To be absolutely sure of Precise Mortgages requirements in this regard please check the Terms and Conditions of Precise Mortgages’s conveyancing panel appointment.
It is possible that Precise Mortgages could request or audit my files as I am on the Precise Mortgages conveyancing panel. Are there any confidentiality issues that I need to consider first?
We can't comment specifically on Precise Mortgages. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the borrower and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if he is in dispute with the lender he is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the Precise Mortgages conveyancing panel?
In order to be on the Precise Mortgages conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Precise Mortgages) are as follows:
  • To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
  • If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
  • To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
  • To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
  • That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
My firm is on the Precise Mortgages conveyancing panel. I am dealing with Precise Mortgages mortgage on a purchase. My borrower client is asking not to disclose an issue to Precise Mortgages. What do I do in this conflict situation?
When a solicitor is acting for both Precise Mortgages and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Precise Mortgages and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Precise Mortgages the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Precise Mortgages conveyancing panel status.
My firm has just been advised that it’s Precise Mortgages panel membership terminated but we have not yet been given an explanation yet. I am completing a CQS renewal form what details should I report?
In the circumstances please clarify on the form what steps you have taken to find out 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 informing you as to why they reached this decision?
I am on the Precise Mortgages conveyancing panel and scheduled to complete a purchase within the next week. I dont have a Mortgage Deed for the client to execute. Who do I contact at Precise Mortgages to obtain duplicate documents?
You need to contact Precise Mortgages to obtain standard documents. The CML Handbook contains an individual inquiry for banks to cite who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state:
You will need to quote your Precise Mortgages conveyancing 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.
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* Data aggregated from sources including COMPLETIONmonitor