Masthaven Bank Conveyancing Panel Information

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

• Number of conveyancing cases by lender
• Evidence of undertaking logs
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Average mortgage advance

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. (I) 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 Masthaven Bank immediately. (b) 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 Masthaven Bank’s mortgage offer are correct. If they are not, please let Masthaven Bank know as soon as possible as it will be necessary for Masthaven Bank to check with the valuer whether the valuation needs to be revised. Masthaven Bank conveyancing panel solicitors are not expected to assume the role of valuer. Masthaven Bank are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Masthaven Bank 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. Masthaven Bank recommend that, if we send a copy of a valuation report that Masthaven Bank 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 survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Masthaven Bank 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 Masthaven Bank conveyancing panel

Masthaven Bank approved solicitors are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Masthaven Bank require, the deed of covenant on their behalf. You will need to check Masthaven Bank UK Finance Part 2 conditions to see if Masthaven Bank have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Masthaven Bank conveyancing panel

8 people attempt to locate a solicitor on the Masthaven Bank panel every 4 weeks in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be identified by those searching for conveyancing in Hendon.

You should 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 firm’s application but gives the Law Society a complete picture of what has happened.

You would be advised to get in touch with Masthaven Bank to obtain standard documents. The CML Handbook contains an individual inquiry for banks to cite who to contact to obtain standard documents. Masthaven Bank in their Part 2’s state: It is likely that you will need to quote the firm’s Masthaven Bank conveyancing panel reference.