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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.
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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?Find an Approved Solicitor on the Teachers Building Society Conveyancing Panel
FAQs for the Teachers Building Society Solicitor Panel
I am obtaining a mortgage offer from Teachers Building Society. I would like to retain the legal services of a Licensed Conveyancer. Does the Teachers Building Society Conveyancing panel include conveyancers regulated by the CLC
Teachers Building Society’s conveyancing panel is, like many other lenders associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
Our son-in-law is purchasing a house that has just been built with a mortgage from Teachers Building Society. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Teachers Building Society conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Teachers Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been searching for conveyancing quotes online. Can I be sure that all the firms that are identified on your directory are on the Teachers Building Society conveyancing panel?
The law firms listed on our site 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 lender or a member of the public that the data about a specific firm being on the Teachers Building Society conveyancing panel is not accurate.
Can you clarify what the consequences are if my solicitor is suspended from the Teachers Building Society Conveyancing panel prior to the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
When it comes to mortgage companies such as Teachers Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
After much negotiation I have agreed a price on an apartment. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the Teachers Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Teachers Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage 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.