Masthaven Bank Conveyancing Panel Information

The CML, together with Masthaven Bank and other members developed a standard set of instructions where a solicitor is acting for a lender such as Masthaven Bank alone in a residential conveyancing matter. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be read together with Sections One and Two. The CML have published an example requirements letter to the borrower’s lawyer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.

The Council of Mortgage Lender requirements of Masthaven Bank are silent on this. Most mortgage companies deal with the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Masthaven Bank’s interest. To be absolutely sure of Masthaven Bank requirements in this regard please check the Terms and Conditions of Masthaven Bank’s conveyancing panel membership.

You have a number of obligations in this regard which are to followed 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. 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 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. (c) 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

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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 adversely impact your firm’s application but gives the CQS team viability as to what has gone on.

You should contact Masthaven Bank to obtain standard documents. The CML Handbook contains a specific section for banks to enumerate who to contact to obtain standard documents. Masthaven Bank in their Part 2’s state: Always remember to disclose your Masthaven Bank conveyancing panel reference.