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approved by Teachers BS
Ready to buy a new home? Failing to check that a lawyer is on the Teachers BS list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Teachers Building Society Conveyancing Panel
Common questions asked concerning the Teachers Building Society Solicitor Panel
I instructed a solicitor to work on my house purchase 5 weeks ago having applied for a mortgage with Teachers Building Society. The solicitors assured me that they are on Teachers Building Society conveyancing panel and gave me their panel reference. Teachers Building Society then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor currently on the approved panel for Teachers Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Teachers Building Society conveyancing panel You may wish to enlist the help of your broker to check with the Teachers Building Society as to how long they think it will take to get the firm to get back on the panel.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Teachers Building Society will not agree to this. Why was Teachers Building Society even consulted?
Your lawyer being on the Teachers Building Society conveyancing panel is duty bound to inform Teachers Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Teachers Building Society then they would have to discontinue acting for you and Teachers Building Society.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Teachers Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My conveyancers in Newcastle have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Teachers Building Society. Is it case that being on the Teachers Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Teachers Building Society Conveyancing Panel Terms. It might be worth you contacting Teachers Building Society directly.
Can you point me to a directory of Teachers Building Society panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Is it the case that all conveyancing lawyers on the Teachers Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Teachers Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Teachers Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Teachers Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.