Examples of recent questions relating to the Tipton Coseley Building Society Solicitor Panel
from members of the public
I am progressing with the sale of my apartment and the estate agent has just texted me to advise that the buyers are changing their property lawyer. I am told that this is due to the fact that Tipton Coseley Building Society will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only work with specific law firms?
Banks 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase 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 hearing daily from firms 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.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Tipton Coseley Building Society was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor says that as she is on the Tipton Coseley Building Society conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions 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 states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Tipton Coseley Building Society.
Your search tool is useful but there are many lawyers listed near Manchester on the Tipton Coseley Building Society conveyancing panel. Can you recommend a specific firm on the Tipton Coseley Building Society approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
The firm that just started acting on my purchase in Newcastle has without warning shut down. I only went with them because I needed a lawyer on the Tipton Coseley Building Society conveyancing panel and my previous lawyer was not. I paid them £200 on account. What should be my next steps?
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 reasons beyond your control. 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 Tipton Coseley Building Society 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 solicitors may be able to help
Why might a lender such as Tipton Coseley Building Society withdraw a mortgage offer?
Lenders such as Tipton Coseley Building Society can revoke their mortgage offer although this is unusual. If Tipton Coseley Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
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Many mortgage offers have an expiry date. Your lawyer should check this. Tipton Coseley Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
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Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Tipton Coseley Building Society conveyancing panel solicitors would be obliged to notify Tipton Coseley Building Society of a change in the price of the property.
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A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
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Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
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Where the Lender’s right to possession is fettered in some way
My existing mortgage is with Tipton Coseley Building Society. My uncle has just retired 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.
You
will need a solicitor but they need not be on the Tipton Coseley Building Society conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
After much negotiation I have agreed a price on an apartment. My financial adviser recommended their conveyancers I paid an upfront payment of 225. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Tipton Coseley Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Tipton Coseley Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.