Masthaven Bank Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers such as AmTrust. It is a unique risk mitigation tool.

This system facilitates the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Masthaven Bank’s changes. While utilising the tool is not a condition for being on the Masthaven Bank panel, demonstrating you can stay up to date with Masthaven Bank’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, protect your panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.

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, frequently:

A Timeline of Policy Changes


Since 2008, Masthaven Bank has made 4 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 682.5 days. In total, 1% 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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FAQs : The Masthaven Bank Conveyancing Panel from members of the public

For what reasons would a law firm be removed from the Masthaven Bank solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common 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
My husband and I are refinancing our penthouse with Masthaven Bank. We have a son 18 who lives with us. The solicitor on the Masthaven Bank conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this form unique to the Masthaven Bank conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Masthaven Bank .This is solely used to protect the Masthaven Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.

It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Masthaven Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.

Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Masthaven Bank conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am considering applying for a Masthaven Bank mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Masthaven Bank?
In theory, you could use a solicitor that is not on Masthaven Bank conveyancing panel, but Masthaven Bank would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Can I be sure that the solicitor on the Masthaven Bank panel is any good?
seeking recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer conducting your conveyancing
My offer was accepted on an apartment on the 12th February 2014, valuation was booked five days later, all came back fine. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Masthaven Bank and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Masthaven Bank conveyancing panel. Are Masthaven Bank entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Masthaven Bank to deal with your lawyers application to be on the Masthaven Bank conveyancing panel. There's no guarantee that your solicitors will be accepted.
After shopping around on the internet I have found a solicitor having checked that they are on the Masthaven Bank conveyancing panel. Does my lawyer arrange the survey of the property? Or Having read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Masthaven Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Masthaven Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Masthaven Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Masthaven Bank you could contact your them to see if they have a list of approved surveyors.