UK Finance Designator: Precise Mortgages (Charter Court Financial Services Ltd)
Jurisdiction: England and Wales
Precise Mortgages Conveyancing Panel: Recently Asked Questions
Precise Mortgages wants me to conduct due diligence for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Precise Mortgages conveyancing panel) How will this operate and are there different instructions from Precise Mortgages in this case?
The CML, along with
Precise Mortgages and other lenders created a standard set of requirements where a solicitor is representing a lender such as Precise Mortgages alone in a residential conveyancing transaction.
These legal instructions are contained at Part Three of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Part I and II.
The CML have published an example requirements letter to the borrower’s lawyer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.
I understand that Precise Mortgages could request or audit my files as I am on the
Precise Mortgages conveyancing panel. Are there any confidentiality issues that I need to consider first?
We can't comment specifically on
Precise Mortgages. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the buyer client and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.
Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if she is in dispute with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.
The emerging convention is that lenders are including an authority to
disclose in loan application forms to counter this problem.
Express v Sawali,  EWHC 3054 (Ch) indicates that such provisions
are valid. Please click
here for more information about that case.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my appeal to be reinstated on the Precise Mortgages solicitor panel?
There are many reports available, five of which are as follows:
Buy to Let transactions
Current and historic missed priority dates
The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
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)
Do banks such as
Precise Mortgages operate detached conveyancing panel for buy to let mortgages?
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.
My firm is not on the
Precise Mortgages conveyancing panel as well other banks.
My clients, who have applied for a mortgage with Precise Mortgages wish use my firms conveyancing services even though I am not on the
Precise Mortgages panel. Is it fine for me to use a firm down the road to act for
Precise Mortgages on mortgage aspect of the conveyancing?
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 entitled instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm.
You also need to make the costs implications and potential for delay very clear to your client.
Our firm had their Precise Mortgages panel membership suspended but we have not yet been given a reason as to why.
I am completing a CQS application questionnaire what details should I put forward?
In this situation please explain on the application 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 cessation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
My firm is listed on the
conveyancing panel and scheduled to complete a remortgage shortly. My papers do not include a Legal Charge for the client to execute.
Who do I contact at Precise Mortgages to obtain duplicate documents?
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 establish who to contact to obtain standard documents.
You will need to disclose the firm’s Precise Mortgages conveyancing panel number.