TSB Solicitor Panel Sample Enquires to our Call Center from members of the public
Is there a reason why all property lawyers aren't included on the TSB Solicitor panel?
TSB and other mortgage companies normally restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that TSB have no responsibility for the quality of advice provided by any member of TSB Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
My solicitor has discovered a difference when comparing the assumptions in TSB’s valuation report and what is revealed within the legal papers for the property. My solicitor informs me that as he is on the TSB conveyancing panel he must ensure that the lender is happy with this discrepancy and is content go ahead. Is my solicitor’s stance 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.
Are the lawyers identified as being on the TSB conveyancing panel, together with their details provided by TSB?
The firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
I am purchasing a right to buy flat and getting a mortgage with TSB. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the TSB 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 TSB conveyancing panel in your location.
Can I be sure that the solicitor on the TSB panel is any good?
seeking recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor carrying out your transaction
I have today made my last payment due on mortgage with TSB. I assume I don't need a solicitor on the TSB panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your TSB 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 TSB mortgage from the register. TSB,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 TSB has sent the Land Registry the discharge electronically, and
the TSB has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your TSB mortgage has been paid off.
Planning on purchasing a house with a mortgage with TSB. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the TSB conveyancing panel