Masthaven Bank Conveyancing Panel Information

This not something that the CML would traditionally get involved with although they do host numerous useful legal related conferences which are attended by firms on the Masthaven Bank conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on Masthaven Bank’s Part 2 obligations. Solicitors on the Masthaven Bank conveyancing panel will be invited. Further details will be communicated as part of the LENDERmonitor Alerts.

There are various requirements 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. (II) 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 report 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

You should 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 a complete picture of what has gone on.

You should contact Masthaven Bank to obtain standard documents. The CML Handbook includes an individual question for banks to reveal who to contact to obtain standard documents. Masthaven Bank in their Part 2’s state: Always remember to disclose the firm’s Masthaven Bank conveyancing panel reference.