The Mortgage Lender Conveyancing Panel Information

One might ordinarily expect The Mortgage Lender via their Part 2 requirements to address this but the Handbook is silent on deadlines to send deeds. Do look at the Terms of The Mortgage Lender’s Conveyancing Panel Appointment that you are bound by. For a number of banks these Terms include a provision along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep The Mortgage Lender informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

There are many reports available, five of which are as follows:

• Average mortgage advance
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Buy to Let transactions
• Number of conveyancing cases by lender
• Current and historic missed priority dates

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 The Mortgage Lender immediately. Second, 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 The Mortgage Lender’s mortgage offer are correct. If they are not, please let The Mortgage Lender know as soon as possible as it will be necessary for The Mortgage Lender to check with the valuer whether the valuation needs to be revised. The Mortgage Lender conveyancing panel solicitors are not expected to assume the role of valuer. The Mortgage Lender are simply trying to ensure that the valuer has valued the property based on correct information. (III) The Mortgage Lender 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. The Mortgage Lender recommend that, if we send a copy of a valuation report that The Mortgage Lender 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 comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from The Mortgage Lender 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 The Mortgage Lender conveyancing panel

It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the Law Society viability as to what has gone on.

You should contact The Mortgage Lender to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific question for lenders to cite who to contact to obtain standard documents. The Mortgage Lender in their Part 2’s state: Don’t forget to disclose your The Mortgage Lender solicitors panel number.