Mortgage Express (No 2) Conveyancing Panel Information

The Law Society of Scotland has advised that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Mortgage Express (No 2) conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

Many estate agents will be suffering if their clients start out on the conveyancing process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

The CML Part II requirements of Mortgage Express (No 2) are silent on this. Most mortgage companies deal with the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Mortgage Express (No 2)’s interest. To be absolutely sure of Mortgage Express (No 2) requirements in this regard please check the Terms and Conditions of Mortgage Express (No 2)’s conveyancing panel membership.

Mortgage Express (No 2) approved solicitors have to comply with the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Mortgage Express (No 2) require, the deed of covenant on their behalf. You will need to check Mortgage Express (No 2) CML Part 2 conditions to see if Mortgage Express (No 2) have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Mortgage Express (No 2) conveyancing panel

The best placed professionals to answer this question are your insurance brokers. 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 has a specific question for banks to set out who to contact to obtain standard documents. Mortgage Express (No 2) in their Part 2’s state: Please remember to quote your Mortgage Express (No 2) solicitors panel reference.