Frequently asked questions relating to the TSB Conveyancing Panel
from members of the public
On what basis would a law firm be removed from the TSB approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by TSB
My solicitor has spotted an inconsistency between the surveyor’s assumptions in TSB’s valuation report and what is in the legal papers for the property. My solicitor has advised that as he is on the TSB conveyancing panel he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action correct?
A precondition to being on the TSB approved panel is to comply with the CML Handbook requirements (last updated for this lender on TSB) 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 both parties.
I am Googling for conveyancing quotes online. Can I be confident that all the law firms that are listed on your site are on the TSB conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the TSB panel and agreed to advise us to take down their listing in the event of removal off of the TSB panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the TSB conveyancing panel is not accurate.
We're in Birmingham, First timers purchasing with a mortgage (lender is TSB , but our solicitor is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
When it comes to mortgage companies such as TSB do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I'm in the throws of viewing apartments and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a home loan with TSB
It would be sensible to have your start your search soon rather than later. 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 estate agent. As you are getting a mortgage with TSB , ask your prospective lawyers check they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
My existing mortgage is with TSB. My father retired last week and wants to pay off the mortgage left on the property. After TSB 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 TSB conveyancing panel? I do not intend to live at the property once the TSB mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the TSB 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.