Precise Mortgages Conveyancing Panel Information

The Law Society of Scotland has suggested that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Precise Mortgages conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

Many estate agents are suffering if their clients start out on the buying process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Precise Mortgages as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Precise Mortgages we suggest that you call Precise Mortgages to check the position.

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.

In the circumstances please clarify on the form what action you have taken to discover the reasons behind cancellation of your Precise Mortgages panel status. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You would be advised to contact Precise Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific inquiry for lenders to cite who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state: You will need to disclose your Precise Mortgages conveyancing panel number.