Mortgage Agency Services Conveyancing Panel Information

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Mortgage Agency Services conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all solicitors within firm

Summary of annual accounts

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

Charge registration history

Number of lender conveyancing panels the firm is currently on

Solicitor

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

List of fee-earners who are foreign qualified

Full complaints history for each licensed conveyancer

The CLC has begun dialogue 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.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Mortgage Agency Services conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

On the basis that your practice in is on the Mortgage Agency Services conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Mortgage Agency Services are to lend, they may require indemnity insurance. In any event,you will need to check Mortgage Agency Services’s specific requirements. Notwithstanding whether Mortgage Agency Services will lend in such circumstances you still need to advise the borrower (unless you are acting for Mortgage Agency Services alone) as to the risks of buying a property with an insolvent or absentee freeholder.

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 would be advised to get in touch with Mortgage Agency Services to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific question for banks to enumerate who to contact to obtain standard documents. Mortgage Agency Services in their Part 2’s state: Don’t forget to disclose the firm’s Mortgage Agency Services solicitors panel number.