Precise Mortgages Conveyancing Panel Information

Precise Mortgages make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Precise Mortgages are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

One search provider lists over 65 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as STL.

There are many reports available, five of which are as follows:

• Buy to Let transactions
• Current and historic missed priority dates
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)

When a solicitor is acting for both Precise 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 Precise Mortgages and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Precise 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 Precise Mortgages conveyancing panel status.

8 consumers attempt to locate a conveyancing practitioner on the Precise Mortgages panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be identified by those searching for conveyancing in Hendon.

In the circumstances please clarify on the application what steps you have taken to discover the reasons behind cancellation of your Precise Mortgages panel status. 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 putting you on notice?

You need to communicate with Precise Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual inquiry for lenders to cite who to contact to obtain standard documents. Precise Mortgages in their Part 2’s state: Always remember to disclose your Precise Mortgages conveyancing panel reference.