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How does my firm apply to be on the Tipton Coseley Building Society Conveyancing Panel? How can my firm be reinstated onto the Tipton Coseley Building Society Conveyancing Panel?Find an Approved Solicitor on the Tipton Coseley Building Society Conveyancing Panel
Tipton Coseley Building Society Conveyancing Panel : Questions and Answers
I am getting a mortgage offer from Tipton Coseley Building Society. I hope to use a Licensed Conveyancer. Does the Tipton Coseley Building Society Conveyancing panel exclude Licensed Conveyancers
Tipton Coseley Building Society’s conveyancing panel is, like many other lenders represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our solicitor has identified a defect with the lease for the flat we are purchasing. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the Tipton Coseley Building Society conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Tipton Coseley Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Tipton Coseley Building Society are the client. A precondition to being on the Tipton Coseley Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Tipton Coseley Building Society). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Tipton Coseley Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do I have to pop into the offices of the Tipton Coseley Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Newcastle
so that I can pop in to their offices if required.
Most conveyancing panel lawyers for Tipton Coseley Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My lawyers in London have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Tipton Coseley Building Society. Is it case that being on the Tipton Coseley Building Society conveyancing panel they need to have retained the file for a number of years?
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 Tipton Coseley Building Society Conveyancing Panel Terms. It might be worth you contacting Tipton Coseley Building Society directly.
Are all Conveyancing Quality Solicitors on the Tipton Coseley Building Society conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s 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 approved list of firms.
Do the majority of banks 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 Tipton Coseley Building Society conveyancing panel requirements are different to Tipton Coseley Building Society’s conveyancing panel criteria.
I currently have a mortgage with with Tipton Coseley Building Society. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Tipton Coseley Building Society?
Tipton Coseley Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Tipton Coseley Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Tipton Coseley Building Society directly. It should not be necessary to do this via a Tipton Coseley Building Society conveyancing panel firm.