Mortgage Agency Services Conveyancing Panel Information

As is the case with the Law Society the CLC has begun discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Mortgage Agency Services as well as the BSA.

During 2013, 5 sections of the UK Finance Lenders’ Handbook P2 were changed by Mortgage Agency Services. Some changes are more important than others but as a firm on the Mortgage Agency Services conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Mortgage Agency Services conveyancing panel to see if you are entitled to a reason.

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

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Mortgage Agency Services solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to communicate with Mortgage Agency Services to obtain standard documents. The CML Handbook contains an explicit section for lenders to enumerate who to contact to obtain standard documents. Mortgage Agency Services in their Part 2’s state: Always remember to disclose your Mortgage Agency Services conveyancing panel reference.