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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
I am progressing with the sale of my house and the estate agent has just called to say that the purchasers are swapping law firm. The reason given is that Tesco Bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our lawyer has identified a legal deficiency with the lease for the property we are purchasing. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the Tesco Bank conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Tesco Bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Tesco Bank are the client. A precondition to being on the Tesco Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Tesco Bank). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Tesco Bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your search tool for the Tesco Bank conveyancing panel? Do Tesco Bank send you an updated list?
The firms themselves provide us confirmation that they are on the Tesco Bank conveyancing panel as opposed to being supplied with a list from Tesco Bank directly.
I am considering mortgaging my home does my lawyer need to be on the Tesco Bank Solicitor panel?
There is nothing to stop you using your solicitor but Tesco Bank will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
We are getting a further advance on our mortgage from Tesco Bank as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Tesco Bank conveyancing panel to deal with the paperwork?
Tesco Bank do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Tesco Bank panel
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Tesco Bank. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Tesco Bank involved you will need to appoint a solicitor on the Tesco Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Tesco Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Tesco Bank conveyancing panel.
Tesco Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Tesco Bank or your broker and complete any relevant paperwork. Tesco Bank will tell you what documents they want. Tesco Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Tesco Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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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