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Mortgage Express (No 2) Conveyancing Panel: Recently Asked Questions
Is it probable that
Mortgage Express (No 2)
will appoint another lawyer on the
Mortgage Express (No 2)
conveyancing panel for a further advance during the lifetime of a mortgage?
Section 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the
Mortgage Express (No 2)
conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.
Mortgage Express (No 2) would like me to conduct due diligence for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Mortgage Express (No 2) conveyancing panel) How does this operate and are there different instructions from Mortgage Express (No 2) in this circumstance?
The Council of Mortgage Lenders, along with
Mortgage Express (No 2) and other stakeholders created a standard set of instructions where a solicitor is acting for a lender such as Mortgage Express (No 2) alone in a residential conveyancing transaction.
These obligations are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Parts 1 & 2.
The CML have published an example requirements letter to the borrower’s conveyancer 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 conveyancer.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Mortgage Express (No 2) and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Mortgage Express (No 2)
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Mortgage Express (No 2) and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
When in comes to leasehold conveyancing do
Mortgage Express (No 2) conveyancing panel lawyers have to examine whether there is an absentee landlord?
On the basis that your firm in is on the
Mortgage Express (No 2) 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 Express (No 2) are to lend, they may require indemnity insurance. In any event,you will need to check
Mortgage Express (No 2)’s specific requirements. Notwithstanding whether
Mortgage Express (No 2) will lend in such circumstances you still need to advise the borrower (unless you are acting for
Mortgage Express (No 2) alone) as to the risks of buying a property with an insolvent or absentee landlord.
My post-completion clerk has resigned unexpectedly.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Mortgage Express (No 2) once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Mortgage Express (No 2)?
Mortgage Express (No 2) will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Mortgage Express (No 2) conveyancing panel.
Lockton’s PI Insurance renewal form questions if my firm had been excluded from any lender panels in the last year.
I recently discovered that the firm is no longer on the
Mortgage Express (No 2) solicitor panel? Will that effect my PII cover?
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 Express (No 2) solicitor panel
membership. Please remember that it is always important that you
complete your insurance forms accurately.
My firm is listed on the
Mortgage Express (No 2)
conveyancing panel and all set to complete a purchase shortly. My file does not contain a Mortgage Deed for the client to sign.
Who do I contact at Mortgage Express (No 2) to obtain duplicate documents?
You would be advised to contact Mortgage Express (No 2)
to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific section for lenders to enumerate who to contact to obtain standard documents.
Mortgage Express (No 2) in their Part 2’s state:
It is likely that you will need to disclose the firm’s Mortgage Express (No 2) conveyancing panel reference.
Find a Lawyer on the Mortgage Express (No 2) Solicitor Panel
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Average number of days to register title including a charge in favour of Mortgage Express (No 2)
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Mortgage Express (No 2) Firms
- Draft Report on Title precedent for Mortgage Express (No 2) borrowers
- Draft Anti Money Laundering PolicyTemplate for Mortgage Express (No 2) panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Mortgage Express (No 2) lender panel
- Buy-to-Let help for Mortgage Express (No 2)
- Consent-to-Let help for Mortgage Express (No 2)
- Contractor Mortgages with Mortgage Express (No 2)
