MPowered Mortgages Solicitor Panel Recently Asked Questions
from members of the public
What is the rationale as to why all UK lawyers aren't included on the MPowered Mortgages Solicitor panel?
MPowered Mortgages and other lenders normally imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that MPowered Mortgages have no responsibility for the quality of advice provided by any member of MPowered Mortgages Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from MPowered Mortgages was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My solicitor informs me that as she is on the MPowered Mortgages conveyancing panel she needs to redo the searches as they are now out of date.
A precondition to being on the MPowered Mortgages approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on MPowered Mortgages)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to MPowered Mortgages.
I note that you have a post code search directory listing law firms on the MPowered Mortgages conveyancing panel. Do firms pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the MPowered Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a MPowered Mortgages mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for MPowered Mortgages?
There is nothing to stop you using your solicitor but MPowered Mortgages will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is there a list of MPowered Mortgages panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Are all conveyancing solicitors on the MPowered Mortgages conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the MPowered Mortgages conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
The for formalities of my purchase has taken place with a loan from MPowered Mortgages. Conveyancing was of an acceptable standard but I would like to complain about MPowered Mortgages. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the MPowered Mortgages branches or the Customer Care Team at MPowered Mortgages head office. We understand that complaints to MPowered Mortgages are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.