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Precise Mortgages Solicitor Panel: Recently Asked Questions
Am I obliged,
being on the
Precise Mortgages conveyancing panel, to carry out a Cancel Search?
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 supplier lists over 70 property 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 Searchflow.
Being on the Precise Mortgages conveyancing panel how long am I obliged to retain the complete conveyancing file?
The Council of Mortgage Lender requirements of
Precise Mortgages are silent on this. Most lenders deal with the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Precise Mortgages’s interest. To be
absolutely sure of Precise Mortgages requirements in this regard
please check the Terms and Conditions of Precise Mortgages’s
conveyancing panel appointment.
I have read a number of legal articles recently about firms being sued for non-compliance with CML PII obligations . I am on the
Precise Mortgages conveyancing panel can you tell me how Part 2 changes took place by
Precise Mortgages during 2013?
During 2013, 27 sections of the UK Finance Lenders’ Handbook P2 were changed by
Precise Mortgages. Some changes are more important than others but as a firm on the
Precise 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.
In carrying out leasehold title investigations do
Precise Mortgages panel solicitors have to examine whether there is a missing freeholder?
Assuming that your practice in is on the
Precise Mortgages conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Precise Mortgages are to lend, they may require indemnity insurance. In any event,you will need to check
Precise Mortgages’s specific requirements. Notwithstanding whether
Precise Mortgages will lend in such circumstances you still need to advise the borrower (unless you are acting for
Precise Mortgages alone) as to the risks of buying a property with an insolvent or absentee landlord.
My post-completion clerk has left my firm on short notice.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Precise Mortgages once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Precise Mortgages?
Precise Mortgages will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Precise Mortgages conveyancing panel.
Our firm had their Precise Mortgages panel membership revoked but we have not yet been given a reason as to why.
I am completing a CQS application questionnaire what details must I report?
In this situation please explain 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 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
Precise Mortgages
conveyancing panel and due to complete a purchase within the next week. I can not locate a Mortgage Deed for the client to execute.
Who do I contact at Precise Mortgages to request substitute deeds?
You should get in touch with Precise Mortgages
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit question for lenders to enumerate who to contact to obtain standard documents.
Precise Mortgages in their Part 2’s state:
Don’t forget to quote your Precise Mortgages solicitors panel reference.
Find a Lawyer on the Precise Mortgages Solicitors Panel
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Average number of days to register title including a charge in favour of Precise Mortgages
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Precise Mortgages Firms
- Draft Report on Title precedent for Precise Mortgages borrowers
- Draft Anti Money Laundering PolicyTemplate for Precise Mortgages panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Precise Mortgages lender panel
- Buy-to-Let help for Precise Mortgages
- Consent-to-Let help for Precise Mortgages
- Contractor Mortgages with Precise Mortgages
