MPowered Mortgages Conveyancing Panel Information

As is the case with the Law Society the Council of Licensed Conveyancers has initiated dialogue with lenders 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 MPowered Mortgages in the recent past.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by MPowered Mortgages. Some changes are more important than others but as a firm on the MPowered Mortgages 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.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the MPowered Mortgages 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.

5 consumers search for a solicitor on the MPowered Mortgages panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be found by those searching for conveyancing in Hendon.

In this situation please explain on the form what steps you have taken to discover the reasons behind cancellation of your MPowered Mortgages panel membership. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You should communicate with MPowered Mortgages to obtain standard documents. The CML Handbook incorporates an explicit inquiry for lenders to enumerate who to contact to obtain standard documents. MPowered Mortgages in their Part 2’s state: Always remember to disclose your MPowered Mortgages solicitors panel reference.