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Precise Mortgages Conveyancing Panel: Recently Asked Questions
Do the Council of Mortgage Lenders intend to launch a online directory search tool with a view
to to identify firms on the
Precise Mortgages conveyancing panel?
We are not aware of any intention on the part of the CML to develop such a tool.
I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
The fact of the matter is that 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 lawyers.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Precise Mortgages and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Precise Mortgages
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Precise Mortgages and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
I have been a solicitor for nearly 25 years without a single claim against me and have been refused acceptance on the
Precise Mortgages conveyancing panel with no explanation. Am I not entitled to to know why?
For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the
Precise Mortgages conveyancing panel to see if you are entitled to a reason.
My conveyancing assistant has left my firm 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.
Our firm had their Precise Mortgages panel membership suspended but we have not yet been given an explanation yet.
I am completing a CQS application questionnaire what information should I put forward?
In this situation please clarify on the form what steps you have taken to find out 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 advising you as to their reasons?
Our practice is on the
Precise Mortgages
conveyancing panel and all set to complete a purchase shortly. My papers do not include a Legal Charge 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 CML Handbook incorporates an explicit section for lenders to enumerate who to contact to obtain standard documents.
Precise Mortgages in their Part 2’s state:
Please remember to quote your Precise Mortgages conveyancing panel reference.
Find a Lawyer on the Precise Mortgages Solicitors Panel
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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.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Precise Mortgages Firms
- Draft Report on Title precedent for Precise Mortgages borrowers
- Draft Anti Money Laundering PolicyTemplate for Precise Mortgages panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Precise Mortgages lender panel
- Buy-to-Let help for Precise Mortgages
- Consent-to-Let help for Precise Mortgages
- Contractor Mortgages with Precise Mortgages
