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approved by Tesco Bank
Ready to buy a new home? Failing to check that a lawyer is on the Tesco Bank list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Tesco Bank (a trading name of Tesco Personal Finance plc) Conveyancing Panel
Tesco Bank Conveyancing Panel : Questions and Answers
My financial adviser has informed me that I have to pay Tesco Bank fees if I use my own solicitor. How efficient are the Tesco Bank conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Would you recommend a specific law firm on the Tesco Bank panel?
Tesco Bank’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Tesco Bank will allow to act for them.
We are approaching an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Tesco Bank. Apparently, being on the Tesco Bank conveyancing panel and acting on their behalf he must inform Tesco Bank if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Tesco Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Tesco Bank if you agree, failing which, your lawyer must cease to continue acting.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Tesco Bank conveyancing panel. My lawyer has said that they are on the Tesco Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Tesco Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Tesco Bank solicitor panel.
My conveyancers in Liverpool have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Tesco Bank. Is it case that being on the Tesco Bank conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Tesco Bank Conveyancing Panel Terms. It might be worth you contacting Tesco Bank directly.
Is it common for Tesco Bank to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Tesco Bank can withdraw their mortgage offer although this is unusual. should Tesco Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
- Tesco Bank may amend or withdraw an offer if the Tesco Bank conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Tesco Bank conveyancing panel solicitors would be obliged to notify Tesco Bank of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
For 5 years I had a mortgage with Tesco Bank. My grandfather retired last week and wants to pay off my mortgage. After Tesco Bank 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 Tesco Bank conveyancing panel? I do not intend to live at the property once the Tesco Bank mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Tesco Bank 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Planning on purchasing a flat with a mortgage with Tesco Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Tesco Bank 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 Tesco Bank conveyancing panel
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Transfer of Equity for Tesco BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors