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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
For what reasons would a law firm be excluded from the Teachers Building Society approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common 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 Teachers Building Society
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Teachers Building Society. I am advised that, being on the Teachers Building Society conveyancing panel and acting on their behalf he must inform Teachers Building Society if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Teachers Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Teachers Building Society if you agree, failing which, your lawyer must cease to continue acting.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Teachers Building Society conveyancing panel. My lawyer has said that they are on the Teachers Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Teachers Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Teachers Building Society solicitor panel.
I was supposed to complete on my first house last Thursday. My solicitor is on the Teachers Building Society solicitors panel but has changed address 8 weeks ago and had not informed Teachers Building Society of their new address. Teachers Building Society is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Teachers Building Society branch or your mortgage broker to see if they can help.
I am about to exchange contracts on a purchase with a mortgage from Teachers Building Society. The report from my solicitor mentions that Teachers Building Society could withdraw their offer before completion. Is this right?
Lenders such as Teachers Building Society can withdraw their mortgage offer although this is unusual. should Teachers Building Society 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 5 examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Teachers Building Society conveyancing panel solicitors would be obliged to notify Teachers Building Society of a change in the price of the property.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
My husband and I are in the process of looking at houses and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Teachers Building Society
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Teachers Building Society , ask your prospective lawyers check they are on the Teachers Building Society conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Teachers Building Society. My grandfather has just retired and wants to pay off my mortgage. After Teachers Building Society 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 Teachers Building Society conveyancing panel? I do not intend to live at the property once the Teachers Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Teachers Building Society 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.