Tipton Coseley Building Society Conveyancing Panel Information

The criteria to join the Tipton Coseley Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The Council of Licensed Conveyancers has initiated discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Tipton Coseley Building Society in recent years.

In the same way that there is a unique Tipton Coseley Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

You will be aware of the trend in recent years for lenders such as Tipton Coseley Building Society to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Tipton Coseley Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Tipton Coseley Building Society have appointed a separate lawyer to act on their behalf where the new UK Finance Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Tipton Coseley Building Society’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Tipton Coseley Building Society. You will no doubt be required to undertake directly to Tipton Coseley Building Society’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Tipton Coseley Building Society conveyancing panel.

We would recommend that you supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your application but gives the Law Society viability as to what has happened.

You need to communicate with Tipton Coseley Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit inquiry for banks to reveal who to contact to obtain standard documents. Tipton Coseley Building Society in their Part 2’s state: You will need to disclose the firm’s Tipton Coseley Building Society conveyancing panel number.