The Mortgage Works Conveyancing Panel Information

The Council of Mortgage Lender requirements of The Mortgage Works are silent on this. Most lenders address the issue of file retention via their Terms and Conditions 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 The Mortgage Works’s interest. To be absolutely sure of The Mortgage Works requirements in this regard please check the Terms and Conditions of The Mortgage Works’s conveyancing panel membership.

In order to be on the The Mortgage Works 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 The Mortgage Works) are as follows:

• 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 keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
• 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 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.
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell The Mortgage Works immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in The Mortgage Works’s mortgage offer are correct. If they are not, please let The Mortgage Works know as soon as possible as it will be necessary for The Mortgage Works to check with the valuer whether the valuation needs to be revised. The Mortgage Works conveyancing panel solicitors are not expected to assume the role of valuer. The Mortgage Works are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, The Mortgage Works recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. The Mortgage Works recommend that, if we send a copy of a valuation report that The Mortgage Works have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from The Mortgage Works or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the The Mortgage Works conveyancing panel

CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. Some mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval such as HSBC.

You should get in touch with The Mortgage Works to obtain standard documents. The CML Handbook incorporates a specific question for lenders to enumerate who to contact to obtain standard documents. The Mortgage Works in their Part 2’s state: You will need to disclose your The Mortgage Works solicitors panel reference.