Precise Mortgages Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This system facilitates the way you can prove to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Precise Mortgages’s changes. Notwithstanding that using the tool is not a prerequisite for Precise Mortgages , demonstrating you can stay up to date with Precise Mortgages’s Handbook requirements is a helpful support to your panel application and, more importantly, protect your panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will increase your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, results in reduced PII premiums.

Find a Law Firm approved by Precise Mortgages

Mortgage companies often 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 122 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 22.4 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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Common questions asked concerning the Precise Mortgages Solicitor Panel from members of the public

Is the fact that my conveyancer is not identified on the Precise Mortgages Solicitor panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. 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 Precise Mortgages.
My solicitor has identified an inconsistency between the surveyor’s assumptions in Precise Mortgages’s home valuation report and what is revealed within the title deeds. My lawyer informs me that as he is on the Precise Mortgages conveyancing panel he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach right?
A precondition to being on the Precise Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Precise Mortgages) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I require the services of a Precise Mortgages panel solicitor in Inverness. Could you help me?
It is not clear why you need a Precise Mortgages panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Precise Mortgages to find out which solicitors in Precise Mortgages are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
The lawyers that I recently instructed on my purchase in Manchester has without warning closed. They were on acting for me because I had to have a solicitor on the Precise Mortgages conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What do I do now?
If you have an estate agent involved then inform them straight away so that they advise the vendors 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 will need to appoint new lawyers that are on the Precise Mortgages 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 lawyers should be in a position to help
Are all solicitor practices on the Precise Mortgages conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Precise 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).
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Precise Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Precise Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Precise Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
We are are taking a long lease of a garden flat in Hendon. Conveyancing solicitors in Hendon are preferred to begiven the go-ahead. My fatherrecommended that we check that the property lawyer in Hendon is on the Precise Mortgages solicitors panel. Is this right?
It is not that case that all Hendon conveyancing firms are on the Precise Mortgages conveyancing panel. Use the above search tool to locate a Hendon conveyancing solicitor on the on the Precise Mortgages approved list of lawyers.