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The Mortgage Business Solicitor Panel: Recently Asked Questions
The Mortgage Business have asked me to conduct due diligence for them alone on a residential conveyancing transaction , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
The Mortgage Business conveyancing panel) How does this work and are there different requirements from The Mortgage Business in this circumstance?
The CML, along with
The Mortgage Business and other members developed a standard set of requirements where a conveyancer is acting for a lender such as The Mortgage Business 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 together with Sections One and Two.
The CML have published an example requirements letter to the borrower’s conveyancing solicitor 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 lawyer.
Can you recommend what we should do if we wish to challenge being removed from the
The Mortgage Business approved solicitor list?
If you are removed from the
The Mortgage Business conveyancing panel and you are unaware of or disagree with the reasons for your removal you should: (a) Contact
The Mortgage Business directly. (b) If there is an appeals process detailed on your letter you should follow the process.
In appealing a decision by The Mortgage Business, it may be useful to provide the following information:
- Full disclosure of your transaction history
- A copy of your COMPLETIONmonitor reports if you use that service
- Your recent claims history
- comprehensive details of all employees in your firm and their role.
- Note down if a solicitor has been admitted to the role on completion of the Qualified Lawyers Transfer Test.
- Provide copy practising certificates, the firm's current professional indemnity policy and the firm’s accountant's certificate, calculating the percentage of the firm's gross fee income is generated from residential conveyancing
It is encouraging that some firms have been able to regain membership to panels notwithstanding the policy by the respective lenders to refuse panel membership to firms with certain profiles or characteristics. Success is primarily due to the firms’ ability to persuade the lender to make an exception if there is sufficient evidence to reassure them that the firm has a healthy attitude towards risk mitigation.
I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
Many estate agents will be suffering if their clients start out on the conveyancing process having appointed a solicitor 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 solicitors .
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. The Mortgage Business and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as The Mortgage Business
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
The Mortgage Business and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
My practice have never been on the
The Mortgage Business conveyancing panel as well other banks.
My clients, who are getting a mortgage with The Mortgage Business wish use my firms conveyancing services even though I am not on the
The Mortgage Business panel. Is it fine for me to use a firm down the road to act for
The Mortgage Business on mortgage aspect of the conveyancing?
You need to be careful here as what you are suggesting may not be acceptable to the lender.
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. Many lenders make 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.
Marsh’s PI Insurance renewal form asks if my practice had been excluded from any lender panels in the last 12 months.
I just discovered that the practice is no longer on the
The Mortgage Business conveyancing panel? Will that effect my PII cover?
Your insurance brokers are your best port of call to address this question.
The chances are that on the basis that you have not been removed for
fraud or negligence reasons that there will be little or no
impact. The main reason why a firm would be removed off of a lender
panel is due to low volume of conveyancing cases although there may be
a number of criteria for The Mortgage Business solicitor panel
membership. Please remember that it is always important that you
complete your insurance forms accurately.
Our practice is on the
The Mortgage Business
conveyancing panel and all set to complete a purchase within the next few weeks. I dont have a Mortgage Deed for the client to execute.
Who do I contact at The Mortgage Business to request substitute deeds?
You would be advised to get in touch with The Mortgage Business
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit question for banks to cite who to contact to obtain standard documents.
The Mortgage Business in their Part 2’s state:
Please remember to disclose your The Mortgage Business solicitors panel number.
Find a Lawyer on the The Mortgage Business Solicitor Panel
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Average number of days to register title including a charge in favour of The Mortgage Business
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited The Mortgage Business Firms
- Draft Report on Title precedent for The Mortgage Business borrowers
- Draft Anti Money Laundering PolicyTemplate for The Mortgage Business panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the The Mortgage Business lender panel
- Buy-to-Let help for The Mortgage Business
- Consent-to-Let help for The Mortgage Business
- Contractor Mortgages with The Mortgage Business
