Frequently asked questions relating to the Tipton Coseley Building Society Solicitor Panel
from members of the public
What is the rationale as to why all UK lawyers aren't included on the Tipton Coseley Building Society Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Tipton Coseley Building Society will not agree to this. Why was Tipton Coseley Building Society even consulted?
Your lawyer being on the Tipton Coseley Building Society conveyancing panel is duty bound to inform Tipton Coseley Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Tipton Coseley Building Society then they would have to discontinue acting for you and Tipton Coseley Building Society.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Tipton Coseley Building Society conveyancing panel. My lawyer has said that they are on the Tipton Coseley Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Tipton Coseley Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Tipton Coseley Building Society solicitor panel.
I am purchasing a right to buy flat and getting a mortgage with Tipton Coseley Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Tipton Coseley Building Society 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 Tipton Coseley Building Society conveyancing panel in your location.
Can you point me to a directory of Tipton Coseley Building Society 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.
I'm in the throws of viewing flats and now considering a potential offer. Is it premature to have a solicitor in place? I I am planning to take a mortgage with Tipton Coseley Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Tipton Coseley Building Society , make sure you remember to check that your lawyer is on the Tipton Coseley Building Society conveyancing panel.
I have today made my last payment due on mortgage with Tipton Coseley Building Society. I assume I don't need a solicitor on the Tipton Coseley Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Tipton Coseley Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Tipton Coseley Building Society mortgage from the register. Tipton Coseley Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Tipton Coseley Building Society has sent the Land Registry the discharge electronically, and
the Tipton Coseley Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Tipton Coseley Building Society mortgage has been paid off.