Precise Mortgages Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and professional indemnity insures. It is a unique risk mitigation tool.

This software facilitates the way you can prove to lender panels that you are, and can stay fully compliant with their instructions, with alerts on Precise Mortgages’s changes. While using the tool 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, protect your panel status.

The system creates real-time alerts, automatically produces COLP and CQS reports, and will increase your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, results in reduced PII premiums.

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Mortgage companies frequently change 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 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.

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Recent Changes Include

# Date Assoc. Changes Related To
14.2.2 25/11/2016 CML
6.7.1 10/10/2016 CML
9.2 10/10/2016 CML Adverse Possession Indemnity Insurance Possessory Title Indemnity Insurance Missing Deeds Indemnity Insurance Defective Title Indemnity Insurance
6.7.1 11/11/2015 CML
6.3.1 11/05/2015 CML
6.4.4 11/05/2015 CML
6.14.3 01/12/2014 CML
3.1.3 01/12/2014 CML
5.7.1b 16/06/2014 CML Flying Freehold Indemnity Insurance
6.3.1 16/06/2014 CML

Last update 10/07/2019

Precise Mortgages Solicitor Panel Recently Asked Questions from members of the public

My financial adviser has informed me that I have to pay Precise Mortgages fees should I instruct my family lawyer. How good are the Precise Mortgages conveyancing panel solicitors? I dont care which law firm I use provided that they are good and reasonably priced. Would you recommend a specific law firm on the Precise Mortgages panel?
Precise Mortgages’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Precise Mortgages will allow to act for them.
Much to my surprise my property lawyer has informed me that he requires ID documents stating that this is part of his requirements as a conveyancer on the Precise Mortgages Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Precise Mortgages also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Precise Mortgages CML Handbook requirements last updated on Precise Mortgages
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 Precise Mortgages solicitor 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 refinancing my home does my lawyer need to be on the Precise Mortgages Conveyancing panel?
In theory, you could use a solicitor that is not on Precise Mortgages conveyancing panel, but Precise Mortgages 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 conveyancing matter.
I'm in the process of looking at houses and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a mortgage with Precise Mortgages
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Precise Mortgages , make sure you remember to check that your lawyer is on the Precise Mortgages conveyancing panel.
The for formalities of my purchase has taken place with a mortgage from Precise Mortgages. Conveyancing was of an acceptable standard but I would like to complain about Precise Mortgages. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the Precise Mortgages branches or the Customer Care Team at Precise Mortgages head office. In most cases complaints to Precise Mortgages are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the Financial Ombudsman Service who will take matters further.
Intending to buy a flat with a mortgage with Precise Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Precise Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Precise Mortgages conveyancing panel