Tipton Coseley Building Society Conveyancing Panel Information

The CML, along with Tipton Coseley Building Society and other members developed a standard set of requirements where a solicitor is acting for a lender such as Tipton Coseley Building Society alone in a residential conveyancing matter. These requirements are contained at Part Three of the UK Finance Lenders’ Handbook and are to be read together with Sections One and Two. The CML have published an example requirements letter to the borrower’s lawyer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

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 CML 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.

Tipton Coseley Building Society approved panel lawyers are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Tipton Coseley Building Society require, the deed of covenant on their behalf. You will need to check Tipton Coseley Building Society CML Part 2 conditions to see if Tipton Coseley Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Tipton Coseley Building Society conveyancing panel

With banks and solicitors working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Tipton Coseley Building Society conveyancing panel but for all bank panel listings

You should provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the Law Society a complete picture of what has gone on.

You should get in touch with Tipton Coseley Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express inquiry for lenders to cite 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 reference.