Teachers Building Society Solicitor Panel Sample Enquires to our Call Center from members of the public
My fiance and I are buying a 3 bedroom apartment in London with a mortgage from Teachers Building Society. We would like to retain our lawyer but Teachers Building Society says he's not on their "panel". It seems we have little choice but to instruct one of the Teachers Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Teachers Building Society use our lawyer?
No, not really. 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 purchasing a newly built duplex and my solicitor is informing me that she has to reveal incentives from the developer as her firm is on the Teachers Building Society conveyancing panel. The Estate Agents are hassling me to exchange contracts and I would rather not delay deal. is my lawyer taking the correct approach?
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 note that you have a search directory listing law firms on the Teachers Building Society conveyancing panel. Do firms pay you a referral fee if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Teachers Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Teachers Building Society mortgage for purchase of a newly converted (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Teachers Building Society?
In theory, you could use a solicitor that is not on Teachers Building Society conveyancing panel, but Teachers Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I have a mortgage with Teachers Building Society. My grandfather has just retired and wants to pay off the mortgage left on the property. After Teachers Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Teachers Building Society conveyancing panel? I do not intend to live at the property once the Teachers Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Teachers Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
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 booked. 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.
We are are purchasing a house in Hendon. Conveyancing solicitors in Hendon are preferred to beinstructed. My brother-in-lawrecommended that we check that the property lawyer in Hendon is on the Teachers Building Society list of approved conveyancing firms. Aren't all lawyers on the Teachers Building Society panel?
Not all Hendon conveyancing firms are on the Teachers Building Society conveyancing panel. Use the above search tool to find a Hendon conveyancing solicitor on the on the Teachers Building Society approved list of lawyers.
