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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

Teachers Building Society Conveyancing Panel : Questions and Answers

Is the fact that my conveyancer is not identified on the Teachers Building Society Conveyancing panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Teachers Building Society.
I am buying a brand new duplex and my solicitor is telling me that she is duty bound to disclose incentives from the seller as her practice is on the Teachers Building Society conveyancing panel. I am under pressure to exchange contracts and I would rather not delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the Teachers Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Teachers Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Teachers Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Your search tool is useful but there are many lawyers listed near Hackney on the Teachers Building Society conveyancing panel. Can you recommend a specific firm on the Teachers Building Society approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
The lawyers that just started acting on my purchase in Hendon has without warning closed. I chose them because I had to have a solicitor on the Teachers Building Society conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Teachers Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Teachers Building Society conveyancing panel requirements are different to Teachers Building Society’s conveyancing panel requirements.
My wife and I have arranged a further advance on our mortgage from Teachers Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Teachers Building Society conveyancing panel to deal with the paperwork?
Teachers Building Society would not normally appoint a member of their approved list of lawyers 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 Teachers Building Society list
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Teachers Building Society are being a right pain. The solicitor who is on the Teachers Building Society conveyancing panel is recommending indemnity insurance as a solution but Teachers Building Society are insisting on a building regulation certificate. Why do Teachers Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Teachers Building Society have referred the matter to their valuer. The reason why Teachers Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.