Precise Mortgages Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the CML and professional indemnity insures. COMPLETIONmonitor is a unique risk management tool.

This software assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on Precise Mortgages’s changes. Notwithstanding that using this technology is not a condition for being on the Precise Mortgages panel, demonstrating you can remain up to date with Precise Mortgages’s Handbook requirements is a helpful support to your application to their lender panel and, just as 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 many firms, leads to reduced PII premiums.

Find a Law Firm approved by Precise Mortgages

Banks and building societies 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, over time:

A Timeline of Policy Changes

Since 2008, Precise Mortgages has made 118 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 23.1 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,

Book a Personalised Demo

Recent Changes Include

# Date Assoc. Changes Related To
10.2b 28/05/2019 CML
10.2b 11/05/2015 CML
16.4.1 11/05/2015 CML
16.5.2 11/05/2015 CML
5.1.1 11/05/2015 CML
6.4.4 11/05/2015 CML
6.14.1a 01/12/2014 CML
6.14.4 01/12/2014 CML
3.1.5 01/12/2014 CML
6.3.1 16/06/2014 CML

Last update 08/09/2019

Precise Mortgages Conveyancing Panel Sample Enquires to our Call Center from members of the public

I am getting a mortgage offer from Precise Mortgages. I would like to enlist the help of a Licensed Conveyancer. Does the Precise Mortgages Conveyancing panel allow for conveyancers regulated by the CLC
Precise Mortgages’s approved solicitor list is, like many other lenders associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our solicitor has requested from me identification documents stating that this is part of his retainer as a solicitor on the Precise Mortgages Conveyancing panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Precise Mortgages your lawyer also has to check ID documents to satisfy Precise Mortgages
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Precise Mortgages conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am purchasing a right to buy flat and getting a mortgage with Precise Mortgages. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Precise Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Precise Mortgages conveyancing panel in your location.
My wife and I have arranged a further advance on our mortgage from Precise Mortgages as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Precise Mortgages conveyancing panel to deal with the legals?
Precise Mortgages do not ordinarily appoint a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Precise Mortgages list
I have today made my last payment due on mortgage with Precise Mortgages. I assume I don't need a solicitor on the Precise Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Precise Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Precise Mortgages mortgage from the register. Precise Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage: but are not moving to another property where the Precise Mortgages has sent the Land Registry the discharge electronically, and the Precise Mortgages has instructed the Land Registry to do so The Land Registry will send you a letter confirming that your Precise Mortgages mortgage has been paid off.
I currently have a mortgage with with Precise Mortgages. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Precise Mortgages?
Your original mortgage agreement with Precise Mortgages will provide that you need their approval before renting your property as this is likely to be a breach of Precise Mortgages’s mortgage conditions. In many cases banks or building societies 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 Precise Mortgages directly. You need not do this via a Precise Mortgages conveyancing panel lawyer.