MPowered Mortgages Conveyancing Panel Information

Paragraph 16.2.1 of Part 1 of the Handbook relevant to a solicitor on the MPowered Mortgages 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’.

Lexsure has not been advised of any intention on the part of the CML to develop such a register.

The Law Society of Scotland has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the MPowered Mortgages 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 moneysavingexpert.com

With lenders and conveyancers working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the MPowered Mortgages conveyancing panel but for all bank panel listings

In this situation please explain on the form what steps 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 advising you as to their reasons?

You should communicate with MPowered Mortgages to obtain standard documents. The CML Handbook has a specific question for banks to cite who to contact to obtain standard documents. MPowered Mortgages in their Part 2’s state: Always remember to disclose the firm’s MPowered Mortgages conveyancing panel number.