Tesco Bank Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers. It is a unique risk mitigation tool.

This software assists the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Tesco Bank’s changes. Notwithstanding that utilising this technology is not a prerequisite for Tesco Bank , demonstrating you can remain up to date with Tesco Bank’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, safeguard your panel standing.

The software generates real-time alerts, automatically produces compliance and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by Tesco Bank

Lenders frequently vary their requirements. The UK Finance Lenders’ Handbook requirements from Tesco Bank 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, Tesco Bank has made 218 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 12.5 days. In total, 26% of the sections of P2 of the UK Finance Lenders’ Handbook for Tesco Bank have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
5.14.1 12/10/2017 CML
5.14.9 12/10/2017 CML
6.7.1 12/10/2017 CML
16.3.7a 01/02/2016 CML
16.5.3b 01/02/2016 CML
16.5.3d 01/02/2016 CML
4.5b 01/02/2016 CML
1.11b 16/06/2015 CML
3.2.4 16/06/2015 CML
4.5b 16/06/2015 CML

Last update 25/03/2019

Tesco Bank Solicitor Panel Recently Asked Questions from members of the public

I am progressing with the sale of my flat and the estate agent has just e-mailed to advise that the purchasers are appointing a new law firm. The excuse is that Tesco Bank will only engage with property lawyers on their conveyancing panel. Why would a big named lender only engage with specific law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.

I am purchasing a brand new duplex and my solicitor is advising me that she has to disclose incentives from the seller as her practice is on the Tesco Bank conveyancing panel. I am nearing the developer’s deadline to sign contracts and my preference is not to delay matters. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Tesco Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Tesco Bank). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been searching for online conveyancing estimates. Can I be sure that all the firms that are identified on your directory are on the Tesco Bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Tesco Bank panel and agreed to advise us to take down their listing in the event of removal off of the Tesco Bank 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 Tesco Bank conveyancing panel is incorrect.
The solicitors that I appointed last week on my house acquisition in Hendon has without warning shut down. I chose them because I needed a firm on the Tesco Bank conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Tesco Bank 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
Is there a list of Tesco Bank 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.
Is it the case that all conveyancing solicitors on the Tesco Bank conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I am about to exchange contracts on a purchase with a mortgage from Tesco Bank. The report from my solicitor mentions that Tesco Bank could withdraw their offer before completion. Is this right?
Lenders such as Tesco Bank can revoke their mortgage offer although this is unusual. should Tesco Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
  • If the borrower informs Tesco Bank of a change in the loan amount agreed
  • Where the lender has to take account a recent change in law
  • Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
  • If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
  • If the solicitor on the Tesco Bank conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Tesco Bank ‘s instructions