The Mortgage Lender Conveyancing Panel Information

We are not aware of any intention on the part of the CML to develop such a tool.

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the The Mortgage Lender conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all those who fund the firm, including non-lawyers if applicable

Summary of annual accounts

Full disciplinary history for each conveyancing solicitor

Number of lender conveyancing panels the firm is currently on

Full career history for each solicitor including admission date to the relevant Law Society

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

Full complaints history for each conveyancing solicitor

The percentage of the firm’s business which is conveyancing (broken down into sale

Charge registration history

In operating open conveyancing panels, lenders such as The Mortgage Lender 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 Lender 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.

In the same way that there is a unique The Mortgage Lender conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

We would recommend that you provide 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 firm’s application but gives the CQS team viability as to what has occured.

You should get in touch with The Mortgage Lender to obtain standard documents. The CML Handbook has an explicit section for banks to reveal who to contact to obtain standard documents. The Mortgage Lender in their Part 2’s state: Always remember to disclose your The Mortgage Lender conveyancing panel number.