Q and A’s regarding the Teachers Building Society Solicitor Panel from members of the public
It has come to my attention via my estate agent that my lawyer is not on the Teachers Building Society Solicitor panel. What can I do to be sure that this is correct?
You need to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Teachers Building Society.
I am buying a newly built flat and my lawyer is informing me that she is duty bound to disclose incentives from the developer as her practice is on the Teachers Building Society conveyancing panel. I am nearing the developer’s deadline to sign contracts 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.
How up to date is your search tool for the Teachers Building Society conveyancing panel? Do Teachers Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Teachers Building Society conveyancing panel as opposed to being supplied with a list from Teachers Building Society directly.
I am purchasing a semi-detached house and getting a mortgage with Teachers Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
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.
Two weeks ago we had a mortgage agreed in principle with Teachers Building Society. Solicitors have been instructed? How long does it take for Teachers Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Teachers Building Society done the survey? Have you advised Teachers Building Society as your lawyers details and checked that your lawyer is on the Teachers Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
For 5 years I had a mortgage with Teachers Building Society. My grandfather retired last week and wants to pay off my mortgage. 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, 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.