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Tipton Coseley Building Society Conveyancing Panel : Questions and Answers
My fiance and I are purchasing a 2 bedroom flat in Leeds with a mortgage from Tipton Coseley Building Society. We have a solicitor but Tipton Coseley Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Tipton Coseley Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Tipton Coseley Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Tipton Coseley Building Society
My wife and I intend to remortgage our flat with Tipton Coseley Building Society. We have a son approaching twenty who lives with us. The solicitor on the Tipton Coseley Building Society conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Tipton Coseley Building Society conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Tipton Coseley Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Tipton Coseley Building Society .This is solely used to protect the Tipton Coseley Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Tipton Coseley Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I need to find a Tipton Coseley Building Society panel solicitor in Inverness. Can you assist?
It is not clear why you need a Tipton Coseley Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Tipton Coseley Building Society to find out which solicitors in Tipton Coseley Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
Please explain the implications if my solicitor is suspended from the Tipton Coseley Building Society Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My brother and I have had an offer accepted on a house I spoke to a solicitor previously used by my mum and he recommended using a solicitor approved by Tipton Coseley Building Society. The estate agent recommended two local firms so I asked Tipton Coseley Building Society if the 2 suggested solicitors are approved, which they are not. Tipton Coseley Building Society suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Tipton Coseley Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Tipton Coseley Building Society to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Tipton Coseley Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Tipton Coseley Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Tipton Coseley Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Tipton Coseley Building Society on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Tipton Coseley Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Tipton Coseley Building Society. Unless your lawyer obtains specific confirmation in writing that Tipton Coseley Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Tipton Coseley Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My ex -wife’s name is on the Tipton Coseley Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Tipton Coseley Building Society mortgage in order to sell?
As regards the Tipton Coseley Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Tipton Coseley Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.