Tipton Coseley Building Society Conveyancing Panel Information

Many estate agents will be feeling the pain if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

Lexsure only know of a couple of lenders that operate a separate approved solicitors panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Tipton Coseley Building Society. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Tipton Coseley Building Society

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Tipton Coseley Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Tipton Coseley Building Society we suggest that you call Tipton Coseley Building Society to check the position.

You will be aware of the trend in recent years for lenders such as Tipton Coseley Building Society to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Tipton Coseley Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Tipton Coseley Building Society have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Tipton Coseley Building Society’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Tipton Coseley Building Society. You will no doubt be required to undertake directly to Tipton Coseley Building Society’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Tipton Coseley Building Society conveyancing panel.

It would be advisable to provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the CQS team a complete picture of what has happened.

You would be advised to communicate with Tipton Coseley Building Society to obtain standard documents. The CML Handbook has an express section for banks to establish who to contact to obtain standard documents. Tipton Coseley Building Society in their Part 2’s state: You will need to disclose the firm’s Tipton Coseley Building Society solicitors panel number.