Precise Mortgages Conveyancing Panel Information

UK Finance Designator: Precise Mortgages (Charter Court Financial Services Ltd)
Jurisdiction: England and Wales

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Precise Mortgages and to assist in remaining on the Precise Mortgages Solicitors Panel.

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Precise Mortgages Conveyancing Panel: Recently Asked Questions

my firm is on the Precise Mortgages conveyancing panel. Can I get an archived copy of a Precise Mortgages Part 2 from the CML?
The Council of Mortgage Lenders do not maintain duplicates of the Part 2's Pre January 2011. The CML advise that you make a request of Precise Mortgages directly.

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Is it the case that the Law Society has advised that firms check their status on the Precise Mortgages conveyancing panel?
The Scottish Law Society has advised that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Precise Mortgages conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel?
The fact of the matter is that estate agents are feeling the pain if their clients start out on the buying process using a conveyancer 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.
In carrying out leasehold conveyancing do Precise Mortgages conveyancing panel lawyers have to consider if there is an absentee freeholder?
Given that your firm in is on the Precise Mortgages conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Precise Mortgages are to lend, they may require indemnity insurance. In any event,you will need to check Precise Mortgages’s specific requirements. Notwithstanding whether Precise Mortgages will lend in such circumstances you still need to advise the borrower (unless you are acting for Precise Mortgages alone) as to the risks of buying a property with an insolvent or absentee freeholder.
My firm has just been advised that it’s Precise Mortgages panel membership suspended but we have not yet been given a reason as to why. I am completing a CQS renewal form what details should I report?
In the circumstances 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 termination of your panel membership did you receive any letters or calls from the lender putting you on notice?
My firm is listed on the Precise Mortgages conveyancing panel and all set to complete a remortgage within the next few weeks. I dont have a Legal Charge for the client to sign. Who do I contact at Precise Mortgages to get a duplicate Deed?
You need to get in touch with Precise Mortgages to obtain standard documents. The CML Handbook includes an explicit section for lenders to cite who to contact to obtain standard documents. Don’t forget to quote the firm’s Precise Mortgages solicitors panel number.

Recent Changes Include

# Date Assoc. Changes Related To
5.14.1 18/12/2015 CML
6.7.1 17/08/2015 CML
16.3.2 11/05/2015 CML
5.1.1 11/05/2015 CML
14.1.5 01/12/2014 CML
3.1.6 01/12/2014 CML
5.5.1a 01/12/2014 CML
6.14.1b 01/12/2014 CML
6.14.4 01/12/2014 CML
6.7.6 16/06/2014 CML

Last update 12/11/2018

Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors

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