Will the fact that my practice receives LENDERmonitor Alerts assist in my application to join the Precise Mortgages solicitor panel?
The criteria to join the Precise Mortgages conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my application to be on the Precise Mortgages conveyancing panel
There are many reports available, five of which are as follows:
Average time frame to send deeds to the lender (calculated from completion date or title registration)
Analysis as to the nature of clients (e.g.existing/new/seen in person)
Buy to Let transactions
The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
Current and historic missed priority dates
My firm is representing a seller of a property and we have just received an email from the buyers solicitors who are not on the
Precise Mortgages conveyancing panel requesting that we undertake to send certain post-completion documents to a law firm on the approved solicitor list for
Precise Mortgages. We have not come accross this before. Do we give the undertaking?
You will be aware of the trend in recent years for lenders such as
Precise Mortgages to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the
Precise Mortgages panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and
Precise Mortgages have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires
Precise Mortgages’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for
Precise Mortgages. You will no doubt be required to undertake directly to
Precise Mortgages’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the
Precise Mortgages conveyancing panel.
I seldom receive a copy of a lender valuation any more. Does the extent of my Precise Mortgages conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with
Precise Mortgages as the lender?
You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell
Precise Mortgages immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in
Precise Mortgages’s mortgage offer are correct. If they are not, please let
Precise Mortgages know as soon as possible as it will be necessary for
Precise Mortgages to check with the valuer whether the valuation needs to be revised.
Precise Mortgages conveyancing panel solicitors are not expected to assume the role of valuer.
Precise Mortgages are simply trying to ensure that the valuer has valued the property based on correct information. (III) Precise Mortgages recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower.
Precise Mortgages recommend that, if we send a copy of a valuation report that
Precise Mortgages have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey.
If you do not receive a copy of the valuation you can always ask for a copy of one from
Precise Mortgages or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the
Precise Mortgages conveyancing panel
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 application form what information should I put forward?
In this situation please clarify on the form 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 cessation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?
I am on the
conveyancing panel and scheduled to complete a remortgage within the next few weeks. I dont have a Legal Charge for the client to execute.
Who do I contact at Precise Mortgages to obtain duplicate documents?
You should communicate with Precise Mortgages
to obtain standard documents. The CML Handbook includes an express inquiry for lenders to cite who to contact to obtain standard documents.
It is likely that you will need to quote the firm’s Precise Mortgages conveyancing panel reference.