Refreshed resi rates

When completing a mortgage, both Precise and your customer will need a conveyancer to complete the necessary legal work associated with the transaction.

Please ensure that you read the following information carefully and you are clear on the conveyancing option and conveyancer that your customer has selected. One of the main reasons customers experience application delays with Precise is due to the provision of incorrect conveyancer details.

There are three conveyancing options available for your customers to choose from, helping to provide them with more choice in representation. Click on each option below to find out more.

1. Preferred Conveyancer Panel Joint Representation

The Preferred Conveyancer Panel consists of conveyancing firms that we have worked with for some time and provide nationwide coverage across our lending areas.

If your customer selects Preferred Conveyancer Panel Joint Representation, it is important that they understand:

• Precise will instruct the conveyancer to act on both the company’s and the customer’s behalf
• We do not operate a set tariff of fees for conveyancing work – your customer should negotiate the applicable fees direct with the conveyancer they have chosen to represent them
• Your customer is responsible for paying all the legal fees including those incurred in connection with the mortgage

Members of the Preferred Conveyancer Panel are as follows:

2. Core Conveyancer Panel Joint Representation

Our Core Conveyancer Panel offers further choice in representation within England and Wales.

If your customer selects Core Conveyancer Panel Joint Representation, it is important that they understand:

• Precise will instruct the conveyancer to act on both the company’s and the customer’s behalf
• We do not operate a set tariff of fees for conveyancing work – your customer should negotiate the applicable fees direct with the conveyancer they have chosen to represent them
• Your customer is responsible for paying all the legal fees including those incurred in connection with the mortgage

See our Core Conveyancer Panel here.

3. Separate Representation

Your customer can choose a conveyancer who does not appear on either of the panels detailed above. If opting for separate representation, your customer will need to select a member of the Preferred Conveyancer Panel to act for Precise.

If your customer selects Separate Representation, it is important that they understand:

• They are responsible for the payment of the legal fees for both their conveyancer and the conveyancer they have chosen to represent Precise.
• Precise will instruct the conveyancer that your customer has chosen to act on the company’s behalf
• Your customer is responsible for the instruction of the conveyancer they have chosen to represent them

Applications where Separate Representation is selected can take longer than standard applications to progress to completion.

Telegraphic Transfer: £25
Redemption admin fee: £40

All fees include VAT (where applicable)

Standard valuation and assessment fee is payable on application to Precise Mortgages for all products.