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 PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This software optimises the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Precise Mortgages’s changes. Even though 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 application to their lender panel and, just as importantly, protect your panel status.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will increase 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

Lenders 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, over time:

A Timeline of Policy Changes

Since 2008, Precise Mortgages has made 115 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 23.7 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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Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 25/11/2016 CML
6.6.4 11/10/2016 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
6.14.1 30/11/2015 CML
5.1.1 11/05/2015 CML
6.7.2 11/05/2015 CML
6.14.1b 01/12/2014 CML
6.6.4 16/06/2014 CML
6.7.6 16/06/2014 CML

Last update 11/01/2019

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

My husband and I are purchasing a 3 bedroom apartment in Newcastle with a mortgage from Precise Mortgages. We like our solicitor but Precise Mortgages says she’s not on their "panel". It seems we have little choice but to instruct one of the Precise Mortgages panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Precise Mortgages conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Precise Mortgages
My solicitor has spotted a discrepancy when comparing the surveyor’s assumptions in Precise Mortgages’s home valuation survey and what is in the legal papers for the property. My lawyer informs me that as he is on the Precise Mortgages conveyancing panel he is duty bound to ensure that the lender is with this discrepancy and is content go ahead. Is my solicitor’s course or action 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 am searching for competitive conveyancing fees. Can I be confident that all the law firms that are listed on your website are on the Precise Mortgages conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Precise Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Precise Mortgages panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Precise Mortgages conveyancing panel is not accurate.
I am buying a terraced house and getting a mortgage with Precise Mortgages. Can I do my own conveyancing?
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.
Is there a list of Precise Mortgages panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Precise Mortgages conveyancing panel requirements are different to Precise Mortgages’s conveyancing panel criteria.
We have a mortgage agreed in principle with Precise Mortgages. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Precise Mortgages?
Some lenders take longer than others. Have Precise Mortgages completed the survey? 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