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At first instance the latest HMLR dealing with lender policy seems like a helpful initiative. Don’t be fooled though. There is a sting in the tail.

HM Land Registry has recently initiated the provision of direct access to application data for lenders. This access allows them to view the status of all mortgage security registration applications by entering their unique reference, also known as an ‘MD’ reference, into the system.

Mike Harlow, deputy chief executive and director of customer and strategy at HM Land Registry, emphasized, “Lenders are keen to ensure that their mortgages are duly registered or in the process of being registered. This new direct service provides a comprehensive overview of the mortgage registration progress.”

“Now they do not have to chase conveyancers unless something is genuinely at risk. This should save the industry millions of pounds a year and give time back to conveyancers.”

The pilot includes ten conveyancing panels, which collectively account for over 85% of residential lending in the UK. These panels consist of Lloyds Banking Group, NatWest Group, Nationwide Building Society, Santander UK, Barclays conveyancing panel, HSBC Bank panel, Coventry Building Society, Yorkshire Building Society, Virgin Money, and TSB Bank.

One could be forgiven for believing that this is excellent news for conveyancers who frequently feel incessantly pursued by lenders and lender panel managers during the processing of their numerous applications to register mortgages. “At last, I will be able to work in peace,” expressed one senior lawyer.

This situation appears to be a classic example of ‘be careful what you wish for’. It may not take long before lenders possess the required data to assess law firm performance and take conveyancing panel management to the next level. Therefore, this may not be such positive news for firms or panel managers* after all.

*CQS may be particularly exposed as lenders will be able to quickly assess performance between CQS and non-CQS firms.

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