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Q and A’s regarding the Tesco Bank Conveyancing Panel
My fiance and I are FTBs. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Tesco Bank have this evening contacted us to inform me that there is now an issue as our conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitors should contact Tesco Bank and see if they can apply for membership of the Tesco Bank conveyancing panel, but if that is not viable Tesco Bank will instruct their own lawyers to represent them. You don't have to instruct a firm on the Tesco Bank conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Our conveyancer has identified a problem with the lease for the flat we are purchasing. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the Tesco Bank conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Tesco Bank?
Just because you have a mortgage offer from Tesco Bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Tesco Bank are the client. These conveyancing instructions must be adhered to by the Tesco Bank conveyancing panel who has to balance acting for you and Tesco Bank
Do I need to pop into the offices of the Tesco Bank conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Bristol
so that I can pop in to their offices when needed.
Whereas this was necessary 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol
.
I am considering applying for a Tesco Bank mortgage for purchase of a newly converted (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Tesco Bank?
There is nothing to stop you using your solicitor but Tesco Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Do conveyancing solicitors on the Tesco Bank conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I have a mortgage with Tesco Bank. My father has just retired and wants to pay off the mortgage left on the property. 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 house 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 Building Society 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