TSB Conveyancing Panel Information

The CML, together with TSB and other members created a standard set of requirements where a conveyancer is representing a lender such as TSB alone in a residential conveyancing transaction. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. 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 solicitor.

The Council of Licensed Conveyancers has entered discussions with lenders 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 TSB as well as the CML.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, 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. (II) 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. Thirdly, 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 survey 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

In the circumstances please explain on the form what steps 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 revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You should contact TSB to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual section for lenders to enumerate who to contact to obtain standard documents. TSB in their Part 2’s state: Always remember to disclose the firm’s TSB conveyancing panel reference.