Common questions asked concerning the Tipton Coseley Building Society Solicitor Panel
from members of the public
My fiance and I are buying a 3 bedroom flat in Hackney with a mortgage from Tipton Coseley Building Society. We like our solicitor but Tipton Coseley Building Society says she’s not on their "panel". We have to appoint one of the Tipton Coseley Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Tipton Coseley Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Tipton Coseley Building Society 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Tipton Coseley Building Society
My lawyer has identified a difference between the assumptions in Tipton Coseley Building Society’s home valuation report and what is revealed within the legal papers for the property. My lawyer says that as he is on the Tipton Coseley Building Society conveyancing panel he must check that the lender is with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
A precondition to being on the Tipton Coseley Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Tipton Coseley Building Society) 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 looking to buy a flat and need a conveyancing solicitor in Manchester who is on the Tipton Coseley Building Society approved. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Tipton Coseley Building Society . We don’t recommend any particular firm.
My aunt passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Tipton Coseley Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Tipton Coseley Building Society will insist on your using a conveyancer on the Tipton Coseley Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Tipton Coseley Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Tipton Coseley Building Society mortgage is registered as a charge at the Land Registry.
Is there a list of Tipton Coseley Building Society panel solicitors 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.
My existing mortgage is with Tipton Coseley Building Society. My uncle retired last week and wants to pay off my mortgage. After Tipton Coseley Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Tipton Coseley Building Society conveyancing panel? I do not intend to live at the property once the Tipton Coseley Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Tipton Coseley Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I have instructed a lawyer having checked that they are on the Tipton Coseley Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
I've digested plenty of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Tipton Coseley Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Tipton Coseley Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Tipton Coseley Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Tipton Coseley Building Society you could contact your them to see if they have a list of approved surveyors.