TSB Conveyancing Panel Information

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with TSB as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from TSB we suggest that you call TSB to check the position.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by TSB. Some changes are more important than others but as a firm on the TSB conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

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.

With lenders and property lawyers 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 TSB conveyancing panel but for all bank panel listings

In this situation please clarify on the form what action you have taken to discover 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 termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You need to contact TSB to obtain standard documents. The CML Handbook contains an explicit question for lenders 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 number.