TSB Conveyancing Panel Information

The Council of Mortgage Lenders, together with TSB and other stakeholders created a standard set of requirements where a solicitor is acting for a lender such as TSB alone in a residential conveyancing matter. These obligations are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Sections One and Two. The CML have published an example requirements letter to the borrower’s conveyancing solicitor 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.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell TSB immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in TSB’s mortgage offer are correct. If they are not, please let TSB know as soon as possible as it will be necessary for TSB to check with the valuer whether the valuation needs to be revised. TSB conveyancing panel solicitors are not expected to assume the role of valuer. TSB are simply trying to ensure that the valuer has valued the property based on correct information. (III) TSB recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. TSB recommend that, if we send a copy of a valuation report that TSB have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from TSB or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the TSB conveyancing panel

7 borrowers attempt to locate a solicitor on the TSB panel each month in Hendon. Please contact the team at lenderpanel.com to see how your firm can be listed by those searching for conveyancing in Hendon.

In the circumstances please clarify on the form what action you have taken to discover the reasons behind cancellation of your TSB panel status. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You would be advised to communicate with TSB to obtain standard documents. The CML Handbook includes an explicit section for banks to enumerate who to contact to obtain standard documents. TSB in their Part 2’s state: Please remember to quote the firm’s TSB conveyancing panel reference.