FAQs : The Teachers Building Society Conveyancing Panel from members of the public
I am selling my flat and the estate agent has just telephoned to say that the buyers are switching conveyancer. The excuse is that Teachers Building Society will only work with property lawyers on their approved list. Why would a big named mortgage company only work with certain solicitors?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud as the reason 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.
We are approaching an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Teachers Building Society. I am advised that, being on the Teachers Building Society conveyancing panel and acting on their behalf he must inform Teachers Building Society if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Teachers Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Teachers Building Society if you agree, failing which, your lawyer must cease to continue acting.
I am looking for online conveyancing estimates. Can I be confident that all the firms that are listed on your website 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 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.
I was expecting to move into my first house yesterday. My lawyer’s firm is on the Teachers Building Society conveyancing panel but has changed address in the past couple of months and had not advised Teachers Building Society of their new address. Teachers Building Society has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Teachers Building Society branch or your mortgage broker to see if they can help.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Teachers Building Society conveyancing panel requirements are different to Teachers Building Society’s conveyancing panel requirements.
My wife and I have arranged a further advance on our mortgage from Teachers Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Teachers Building Society conveyancing panel to deal with the legals?
Teachers Building Society do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Teachers Building Society list
I recently had an offer accepted on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 175. 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.