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approved by Tesco Bank
Ready to buy a new home? Failing to check that a lawyer is on the Tesco Bank list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Tesco Bank (a trading name of Tesco Personal Finance plc) Conveyancing Panel
Tesco Bank Conveyancing Panel : Questions and Answers
For what reasons could a law firm be removed from the Tesco Bank solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Tesco Bank
Much to my surprise my conveyancing solicitor has requested from me ID documents asserting that this is part of his retainer as a conveyancer on the Tesco Bank Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Tesco Bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Tesco Bank CML Handbook requirements last updated on Tesco Bank
I see that you have a post code search directory identifying firms on the Tesco Bank conveyancing panel. Do firms pay you a referral fee if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Tesco Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my solicitor is suspended from the Tesco Bank Conveyancing panel prior to completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Tesco Bank conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
In what circumstances might Tesco Bank amend or withdraw their mortgage offer?
Banks and Building Societies such as Tesco Bank can revoke their mortgage offer although this rarely happens. In the unlikely event that Tesco Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- Where information comes to Tesco Bank ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the financial circumstances of the borrower have changed to the detriment and the Tesco Bank has been notified
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
For 5 years I had a mortgage with Tesco Bank. My uncle retired last week and wants to pay off my mortgage. After Tesco Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Tesco Bank conveyancing panel? I do not intend to live at the property once the Tesco Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Tesco Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
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Transfer of Equity for Tesco BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors