MPowered Mortgages Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by MPowered Mortgages and to assist in remaining on the MPowered Mortgages Conveyancing Panel.

MPowered Mortgages Conveyancing Panel: Recently Asked Questions

MPowered Mortgages wants me to act for them alone on a residential conveyancing transaction , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the MPowered Mortgages conveyancing panel) How will this operate and are there different requirements from MPowered Mortgages in this circumstance?
The CML, together with MPowered Mortgages and other members developed a standard set of instructions where a solicitor is representing a lender such as MPowered Mortgages alone in a residential conveyancing matter. These legal instructions are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.

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Will the fact that my practice subscribes to LENDERmonitor Alerts assist in my application to join the MPowered Mortgages conveyancing panel?
The criteria to join the MPowered Mortgages conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. MPowered Mortgages and other lenders have restricted their panel over the years. Why?
In operating open conveyancing panels, lenders such as MPowered Mortgages 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.

MPowered Mortgages 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.

Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the MPowered Mortgages conveyancing panel?
In order to be on the MPowered Mortgages conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily MPowered Mortgages) are as follows:
  • Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
  • To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
  • To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
  • To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
  • You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
My firm is on the MPowered Mortgages conveyancing panel. I am dealing with MPowered Mortgages mortgage on a purchase. My borrower client is asking not to disclose an issue to MPowered Mortgages. What do I do in this conflict situation?
When a solicitor is acting for both MPowered Mortgages and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the MPowered Mortgages and it may well be prudent you to cease to act for the purchaser as well. You can not tell the MPowered Mortgages the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your MPowered Mortgages conveyancing panel status.
Our firm had their MPowered Mortgages panel membership terminated but we have not yet been given an explanation yet. I am completing a CQS renewal questionnaire what details must I put forward?
In this situation please explain on the form what action you have taken to find out the reasons behind cancellation of your MPowered Mortgages panel status. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
I am on the MPowered Mortgages conveyancing panel and all set to complete a purchase within the next few weeks. I can not locate a Mortgage Deed for the client to sign. Who do I contact at MPowered Mortgages to request substitute deeds?
You would be advised to get in touch with MPowered Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual section for banks to set out who to contact to obtain standard documents. MPowered Mortgages in their Part 2’s state:
Don’t forget to disclose the firm’s MPowered Mortgages solicitors panel number.

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Average number of days to register title including a charge in favour of MPowered Mortgages
This information relates to purchase only and not remortgages.
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* Data aggregated from sources including COMPLETIONmonitor