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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
Frequently asked questions relating to the Teachers Building Society Solicitor Panel
I am progressing with the sale of my house and the estate agent has just texted me to warn that the buyers are appointing a new law firm. The excuse is that Teachers Building Society will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My solicitor has uncovered a difference between the surveyor’s assumptions in Teachers Building Society’s valuation survey and what is revealed within the legal papers for the property. My solicitor has advised that as he is on the Teachers Building Society conveyancing panel he must ensure that the bank is happy with this discrepancy and is content go ahead. Is my conveyancer’s course or action appropriate?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am looking for competitive conveyancing fees. Can I be confident that all the practices that are identified on your site are on the Teachers Building Society conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us 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 am purchasing a semi-detached house and getting a mortgage with Teachers Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Teachers Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Teachers Building Society conveyancing panel in your location.
What are the common reasons for a lender such as Teachers Building Society to withdraw a mortgage offer?
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 the reasons why. There are many potential reasons but here are 5 examples:
- Where information comes to Teachers Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the financial circumstances of the borrower have changed to the detriment and the Teachers Building Society has been notified
- Where to proceed with the Mortgage offer would be unlawful
- 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;
Intending to buy a flat with a mortgage with Teachers Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Teachers Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Teachers Building Society conveyancing panel
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. 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 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.