Masthaven Bank Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers. It is a unique risk management tool.

This software assists the way you can prove to lender panels that you are, and can remain fully compliant with their instructions, with automatic updates on Masthaven Bank’s changes. Even though utilising this technology is not a prerequisite for Masthaven Bank , demonstrating you can remain up to date with Masthaven Bank’s Handbook requirements is an excellent support to your application to their lender panel and, more importantly, safeguard your panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, results in a PII saving.

Find a Law Firm approved by Masthaven Bank

Mortgage companies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Masthaven Bank are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Masthaven Bank has made 11 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 248.2 days. In total, 4% of the sections of P2 of the UK Finance Lenders’ Handbook for Masthaven Bank have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
1.11a 30/10/2019 CML
1.11b 30/10/2019 CML
14.2.1 30/10/2019 CML
1.7 30/10/2019 CML
5.14.11 30/10/2019 CML Defective Lease Indemnity Insurance
6.6.4 30/10/2019 CML
3.1.5 30/10/2019 CML
5.14.1 05/04/2019 CML
6.7.1 03/04/2019 CML

Last update 28/11/2019

Masthaven Bank Conveyancing Panel Recently Asked Questions from members of the public

On what basis would a law firm be excluded from the Masthaven Bank solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
  1. Low volume of transactions
  2. the lawyer is a sole practitioner
  3. as part of the HSBC panel reduction
  4. regulatory contact by SRA
  5. accidental removal. We are not aware of the specific or common criteria for removal by Masthaven Bank
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Masthaven Bank will not agree to this. Why was Masthaven Bank even consulted?
Your lawyer being on the Masthaven Bank conveyancing panel is duty bound to inform Masthaven Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Masthaven Bank then they would have to discontinue acting for you and Masthaven Bank.
Are there any apps to help search for a local solicitor on the Masthaven Bank conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Masthaven Bank solicitor panel.
I am selling my house. Does my solicitor have to be on the Masthaven Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Masthaven Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
We expect to receive a DIP from Masthaven Bank this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Masthaven Bank recommend a solicitor on the Masthaven Bank conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Masthaven Bank conveyancing panel. The solicitor represents both you and the Masthaven Bank through the process.
I am currently in the process of buying my council flat. I have a mortgage offer with Masthaven Bank. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Masthaven Bank you will need to appoint a solicitor on the Masthaven Bank conveyancing panel.
I have a mortgage with Masthaven Bank. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Masthaven Bank?
Your original mortgage agreement with Masthaven Bank will provide that you need their approval in advance of renting your property as this is likely to be a breach of Masthaven Bank’s mortgage conditions. It may be that Masthaven Bank will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Masthaven Bank directly. You need not do this via a Masthaven Bank conveyancing panel firm.