Precise Mortgages Conveyancing Panel Information

The Council of Mortgage Lenders (or the BSA) do not involve themselves in training although they do arrange numerous general conveyancing related conferences which are attended by firms on the Precise Mortgages conveyancing panel. It is our intention to run specific lender focused seminars in the coming months including a webinar on Precise Mortgages’s Part 2 requirements. Practitioners on the Precise Mortgages conveyancing panel are welcome. Information about the webinar will be communicated as part of the LENDERmonitor Alerts.

The CML, together with Precise Mortgages and other lenders developed a standard set of instructions where a conveyancer is representing a lender such as Precise Mortgages alone in a residential conveyancing matter. These obligations are contained at Part III of the UK Finance Lenders’ Handbook and are to be read together with Part I and II. The CML have published an example requirements letter to the borrower’s lawyer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

In the same way that there is a unique Precise Mortgages conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Precise Mortgages conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

In this situation please explain on the application what action 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 revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to contact Precise Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for banks to establish who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state: Always remember to quote your Precise Mortgages conveyancing panel reference.