Precise Mortgages Conveyancing Lender Panel Compliance Tool

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COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. COMPLETIONmonitor is a unique risk mitigation tool.

This software assists the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with automatic updates on Precise Mortgages’s changes. Notwithstanding that utilising this technology is not a condition for being on the Precise Mortgages panel, 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.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for some firms, results in a PII saving.

Find a Law Firm approved by Precise Mortgages

Banks and building societies 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, over time:

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,

Examples of recent questions relating to the Precise Mortgages Conveyancing Panel from members of the public

My financial adviser has says he needs my law firm’s panel member for the Precise Mortgages conveyancing panel. Can you suggest how I obtain this. I have e-mailed my local Precise Mortgages branch but they have not responded to me.
You are best placed to get this information from your conveyancing lawyer. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Precise Mortgages.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Precise Mortgages will not agree to this. Why was Precise Mortgages even consulted?
Your lawyer being on the Precise Mortgages conveyancing panel is duty bound to inform Precise Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Precise Mortgages then they would have to discontinue acting for you and Precise Mortgages.
Is it necessary during the course of the conveyancing process to attend the offices of the Precise Mortgages conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Bristol so that I can pop in to their offices if necessary.
Whereas this was necessary 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol .
I am considering applying for a Precise Mortgages mortgage for purchase of a new build (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Precise Mortgages?
There is nothing to stop you using your solicitor but Precise Mortgages will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My brother and I have had an offer accepted on a apartment I spoke to a lawyer previously used by my uncle and he advised using a solicitor approved by Precise Mortgages. The estate agent recommended two local firms so I asked Precise Mortgages if the 2 suggested solicitors are approved, which they are not. Precise Mortgages pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Precise Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Precise Mortgages to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Precise Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Precise Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet Precise Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I'm in the process of viewing flats and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Precise Mortgages
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer 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 , ask your prospective lawyers check they are on the Precise Mortgages conveyancing panel otherwise they can't do the mortgage legal work.
I recently had an offer accepted on an apartment. My mortgage broker recommended their conveyancers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Precise Mortgages conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Precise Mortgages panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.

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