MPowered Mortgages Conveyancing Panel Information

Lexsure only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with MPowered Mortgages. 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 MPowered Mortgages

MPowered Mortgages approved panel lawyers are bound by the UK Finance Lenders’ Handbook 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 MPowered Mortgages require, the deed of covenant on their behalf. You will need to check MPowered Mortgages CML Part 2 conditions to see if MPowered Mortgages 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 MPowered Mortgages conveyancing panel

In this situation please clarify on the application 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 termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to contact MPowered Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express inquiry for lenders to establish who to contact to obtain standard documents. MPowered Mortgages in their Part 2’s state: Always remember to quote the firm’s MPowered Mortgages solicitors panel reference.