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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
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My property lawyer has never been on on the Teachers Building Society Conveyancing Panel. Can I still retain my family solicitor notwithstanding that they are not on the Teachers Building Society approved list?
The most common options here are as follows:
- Carry on with your existing lawyers but Teachers Building Society will need to instruct a lawyer on the Teachers Building Society conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Teachers Building Society conveyancing panel.
- Urge your lawyer to apply to join the Teachers Building Society lender panel
Our lawyer has identified a problem with the lease for the flat we are buying. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the Teachers Building Society conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Teachers Building Society?
Just because you have a mortgage offer from Teachers Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Teachers Building Society are the client. The appropriate lender requirements have to be complied with by the Teachers Building Society conveyancing panel who has to balance acting for you and Teachers Building Society
I require the services of a Teachers Building Society panel solicitor in Inverness. Can you assist?
It is not clear why you need a Teachers Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Teachers Building Society to find out which solicitors in Teachers Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
The firm that just started acting on my purchase in London has without warning closed. I chose them because I needed 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 should be my next steps?
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 the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to 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 solicitors may be able to help
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Teachers Building Society conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I currently have a mortgage with with Teachers Building Society. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Teachers Building Society?
Your original mortgage agreement with Teachers Building Society will provide that you need their approval before renting your property as this is likely to be a breach of Teachers Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Teachers Building Society directly. You need not do this via a Teachers Building Society conveyancing panel lawyer.
I was told three weeks ago that my mortgage has been agreed
to by Teachers Building Society. Is it usual for Teachers Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Teachers Building Society to deal with your lawyers application to be on the Teachers Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.