Looking for information about your firm's panel status?
TSB Conveyancing Panel: Recently Asked Questions
Can you suggest any advice if we wish to challenge being removed from the
TSB conveyancing panel?
If you are removed from the
TSB conveyancing panel and you are unaware of or disagree with the reasons for your removal you should: (a) Contact
TSB directly. (b) If there is an appeals process detailed on your letter you should follow the process.
In appealing a decision by TSB, it may be useful to provide the following information:
- Full account of your firm’s conveyancing history
- Your COMPLETIONmonitor reports, assuming you use the Lexsure software
- Your recent claims history
- comprehensive details of all staff in your practice and their position.
- Note down if a solicitor has been admitted to the role on completion of the Qualified Lawyers Transfer Test.
- Supply duplicate practising certificates, the firm's current PII schedule and your accountant's certificate, calculating what percentage of the firm's gross fee income is resulting from residential conveyancing transactions
It is encouraging that some conveyancing firms have been able to regain membership to panels notwithstanding the policy by the respective lenders to refuse panel membership to firms with certain profiles or characteristics. Success is primarily due to the firms’ ability to persuade the lender to make an exception if there is sufficient evidence to reassure them that the firm is a ‘low risk’.
Being on the TSB conveyancing panel how long am I obliged to keep hold of the complete conveyancing file?
The Council of Mortgage Lender requirements of
TSB are silent on this. Most lenders deal with the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect TSB’s interest. To be
absolutely sure of TSB requirements in this regard
please check the Terms and Conditions of TSB’s
conveyancing panel acceptance.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. TSB and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as TSB
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
TSB and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on numerous bank panels including the
TSB conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Should I reference these Terms ?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.
You have to try and take an objective view as to whether the Terms relating to the
TSB conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.
I read the occasional LENDERmonitor notification but I rarely see change of note. For example, I am on the
TSB conveyancing panel and get an alerts simply telling me a change of address. Does that matter?
Yes it does matter because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also impact your chances of staying on the
TSB solicitor panel. Is possible next month that TSB change their requirements as to where the post completion documents should be sent.
Do you update the details in your CMS? Is this recorded anywhere? Is this communicated to the staff? By virtue of your COT TSB you are giving assurances that you will send the relevant documents within 10 days of receiving the TID. Putting to one side the academic question as to whether you are in breach of an undertaking in sending it to the wrong address, you run the risk of
TSB suspending you off the panel because they are not receiving the deeds in accordance with the COT. It will not be a valid excuse to say that you sent it to an address that is no longer valid.
My firm has just been advised that it’s TSB panel membership terminated but we have not yet been given an explanation yet.
I am completing a CQS application form what information do I need to disclose?
In this situation please explain on the form what steps you have taken to find out the reasons behind cancellation of your
TSB panel membership.
In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
I am on the
TSB
conveyancing panel and due to complete a purchase within the next week. I dont have a Mortgage Deed for the client to execute.
Who do I contact at TSB to get a duplicate Deed?
You should contact TSB
to obtain standard documents. The CML Handbook contains an express inquiry for lenders to set out who to contact to obtain standard documents.
TSB in their Part 2’s state:
You will need to quote your TSB conveyancing panel number.
Find a Lawyer on the TSB Conveyancing Panel
powered by LenderPanel
Average number of days to register title including a charge in favour of TSB
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | 46.9 |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited TSB Firms
- Draft Report on Title precedent for TSB borrowers
- Draft Anti Money Laundering PolicyTemplate for TSB panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the TSB lender panel
- Buy-to-Let help for TSB
- Consent-to-Let help for TSB
- Contractor Mortgages with TSB
