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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.
Looking for information about your firm's panel status?Is my firm on the Teachers Building Society Conveyancing Panel? How does my firm apply to be on the Teachers Building Society Conveyancing Panel? How can my firm be reinstated onto the Teachers Building Society Conveyancing Panel?
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Common questions asked concerning the Teachers Building Society Conveyancing Panel
My husband and I are purchasing a 1 bedroom apartment in London with a mortgage from Teachers Building Society. We have a solicitor but Teachers Building Society says he's not on their "panel". We have to appoint one of the Teachers Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Teachers Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Teachers Building Society
I am buying a brand new apartment and my lawyer is telling me that she has to disclose incentives from the builder as her practice is on the Teachers Building Society conveyancing panel. I am nearing the developer’s deadline to exchange and my preference is not to prolong deal. Is my lawyer right?
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.
I am searching for online conveyancing estimates. Can I be sure that all the practices that are listed on your website are on the Teachers Building Society conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Teachers Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Teachers Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Teachers Building Society conveyancing panel is incorrect.
I was expecting to complete on my flat last Friday. My solicitor is on the Teachers Building Society solicitors panel but has changed address in the past couple of months 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 as unusual as it is unlucky. Most 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 assist.
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?
Banks and Building Societies such as Teachers Building Society can revoke 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 the reasons why. There are various possible reasons but here are a few examples:
- Teachers Building Society may amend or withdraw an offer if the Teachers Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Teachers Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the Teachers Building Society has been notified
- 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
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
After shopping around on the internet I have found a solicitor having made sure that they are on the Teachers Building Society conveyancing panel. Does my lawyer arrange the survey of the property? Or Having read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Teachers Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Teachers Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Teachers Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Teachers Building Society you could contact your them to see if they have a list of approved surveyors.
My ex -wife’s name is on the Teachers Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Teachers Building Society mortgage in order to sell?
In terms of the Teachers Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Teachers Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.