Mortgage Express (No 2) Conveyancing Panel Information

We only know of a couple of banks that operate a distinct conveyancing panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Mortgage Express (No 2). At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Mortgage Express (No 2)

What you should do largely depends on the reason that your firm has been removed off the Mortgage Express (No 2) conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Mortgage Express (No 2) conveyancing panel.

During 2013, 21 sections of the UK Finance Lenders’ Handbook P2 were changed by Mortgage Express (No 2). Some changes are more important than others but as a firm on the Mortgage Express (No 2) 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.

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.

You should get in touch with Mortgage Express (No 2) to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual section for banks to enumerate who to contact to obtain standard documents. Mortgage Express (No 2) in their Part 2’s state: You will need to disclose your Mortgage Express (No 2) solicitors panel number.