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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
Frequently asked questions relating to the Tesco Bank Solicitor Panel
My financial adviser has informed me that I have to pay Tesco Bank fees should I instruct my family lawyer. How efficient are the Tesco Bank conveyancing panel solicitors? I dont care which law firm I use as long as they're good and not exorbitantly priced. Would you recommend a specific law firm on the Tesco Bank panel?
Tesco Bank’s conveyancing panel is pretty large so it would be advisable 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.
Much to my surprise my conveyancing solicitor is asking me for proof of ID documents asserting that this forms part of his requirements as a solicitor on the Tesco Bank Solicitor panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Tesco Bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Tesco Bank CML Handbook requirements last updated on Tesco Bank
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Tesco Bank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My grandfather passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Tesco Bank , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Tesco Bank will insist on your using a conveyancer on the Tesco Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Tesco Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Tesco Bank mortgage is registered as a charge at the Land Registry.
Are all Conveyancing Quality Solicitors on the Tesco Bank conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Tesco Bank conveyancing panel requirements are different to Tesco Bank’s conveyancing panel criteria.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Tesco Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Tesco Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Tesco Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.