Masthaven Bank Conveyancing Lender Panel Compliance Tool

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

This system 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 the tool is not a condition for being on the Masthaven Bank panel, demonstrating you can remain up to date with Masthaven Bank’s Handbook requirements is a helpful support to your panel application and, more importantly, safeguard your firm’s panel status.

The software creates real-time alerts, automatically produces SRA and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to a PII saving.

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Banks and building societies frequently vary 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.

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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 27/03/2020

FAQs : The Masthaven Bank Conveyancing Panel from members of the public

Is the fact that my conveyancer is not on the Masthaven Bank Conveyancing panel that there is a problem with the standard of the firm’s work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Masthaven Bank.
I do hope you can help me. My conveyancer is informing me me that she is duty-bound to conduct a Local Authority search because the firm are on the Masthaven Bank approved lawyer panel. Do I not have a choice here?
You have limited options available to you. As you are taking a mortgage with Masthaven Bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Masthaven Bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Masthaven Bank. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do I have to visit the offices of the Masthaven Bank conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Liverpool so that I can pop in to their offices if necessary.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool .
The firm that I recently instructed on my purchase in London has without warning closed. They were on acting for me because I had to have a firm on the Masthaven Bank conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Masthaven Bank conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Two weeks ago we had a mortgage agreed in principle with Masthaven Bank. Solicitors have been appointed? How long does it take for Masthaven Bank to send the offer to our conveyancer
Some lenders take longer than others. Have Masthaven Bank done the valuation? Have you advised Masthaven Bank as your lawyers details and checked that your lawyer is on the Masthaven Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
In what circumstances might Masthaven Bank amend or withdraw their mortgage offer?
Lenders such as Masthaven Bank can withdraw their mortgage offer although this is unusual. In the unlikely event that Masthaven Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
  • If the financial circumstances of the borrower have changed to the detriment and the Masthaven Bank has been notified
  • If the borrower informs Masthaven Bank of a change in security address
  • A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
  • If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
  • If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Masthaven Bank on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Masthaven Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Masthaven Bank. Unless your lawyer obtains specific confirmation in writing that Masthaven Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Masthaven Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.