Precise Mortgages Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk management tool.

This system is the only way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Precise Mortgages’s changes. Notwithstanding that using COMPLETIONmonitor is not a prerequisite for Precise Mortgages , demonstrating you can stay up to date with Precise Mortgages’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your firm’s panel standing.

The system generates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for some firms, results in reduced PII premiums.

Find a Law Firm approved by Precise Mortgages

Mortgage companies frequently vary their requirements. The UK Finance Lenders’ Handbook requirements from Precise Mortgages 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, Precise Mortgages has made 120 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 22.8 days. In total, 30% of the sections of P2 of the UK Finance Lenders’ Handbook for Precise Mortgages have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Precise Mortgages Conveyancing Panel : Questions and Answers from members of the public

My Conveyancer is not on the Precise Mortgages Approved Panel. Is it possible for me to continue with my family solicitor even though they are excluded from the Precise Mortgages approved list?
You will need to have a conveyancer complete the legal work required when you take out a Precise Mortgages mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Precise Mortgages conveyancing panel additional costs will be incurred as separate legal representation will be required by Precise Mortgages. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
We are getting closer to an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Precise Mortgages. I am advised that, being on the Precise Mortgages conveyancing panel and acting on their behalf he must inform Precise Mortgages if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Precise Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Precise Mortgages if you agree, failing which, your lawyer must cease to continue acting.
What tools are available to find a local solicitor on the Precise Mortgages conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the lawyer.
You can use 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 Precise Mortgages solicitor panel.
We're in London, First time buyers buying with a mortgage (lender is Precise Mortgages , but our solicitor is on the Precise Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Precise Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Last month we had a mortgage agreed in principle with Precise Mortgages. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Precise Mortgages?
There is no definitive answer here. Have Precise Mortgages conducted the valuation? Have you advised Precise Mortgages as your lawyers details and checked that your lawyer is on the Precise Mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am buying a property where the roof has a solar panel. Precise Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Precise Mortgages your lawyer must to check the Precise Mortgages conveyancing instructions contained in the Part of CML Handbook for Precise Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Precise Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
For 5 years I had a mortgage with Precise Mortgages. My uncle retired last week and wants to pay off the mortgage left on the property. After Precise Mortgages is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Precise Mortgages conveyancing panel? I do not intend to live at the property once the Precise Mortgages mortgage is discharged.
You will need a solicitor but they need not be on the Precise Mortgages conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.