Precise Mortgages Conveyancing Panel Information

We only know of two or three lenders that operate a distinct conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with Precise Mortgages. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Precise Mortgages

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Precise Mortgages conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all those who fund the firm, including non-lawyers if applicable

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

Solicitor

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

House price discrepancies (declared to lender vs. registered at Land Registry)

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

Full disciplinary history for each conveyancing solicitor

Whether the firm has ever applied for accreditation and the outcome of the application

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

You need to be careful here as what you are suggesting may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

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 explain on the application what action 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 revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should get in touch with Precise Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific section for banks to set out who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state: Don’t forget to quote your Precise Mortgages conveyancing panel reference.