TSB Conveyancing Panel Information

The CML, along with TSB and other lenders developed a standard set of instructions where a conveyancer is acting for a lender such as TSB alone in a residential conveyancing transaction. These requirements are contained at Part Three of the UK Finance Lenders’ Handbook and are to be read in conjunction with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

We only know of two or three lenders that operate a separate approved solicitors panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with TSB. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with TSB

You will be aware of the trend in recent years for lenders such as TSB 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 TSB panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and TSB 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 TSB’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 TSB. You will no doubt be required to undertake directly to TSB’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 TSB conveyancing panel.

7 borrowers search for a solicitor on the TSB panel each month in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be found by those searching for conveyancing in Hendon.

In the circumstances please explain on the application what steps you have taken to find out the reasons behind cancellation of your TSB panel membership. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should communicate with TSB to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit section for banks to cite who to contact to obtain standard documents. TSB in their Part 2’s state: It is likely that you will need to quote the firm’s TSB conveyancing panel reference.