Examples of recent questions relating to the Teachers Building Society Conveyancing Panel from members of the public
I appointed a solicitor to conveyancing on my house purchase 5 weeks ago having applied for a mortgage with Teachers Building Society. The law firm assured me that they are on Teachers Building Society conveyancing panel and advised me their panel number. Teachers Building Society then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the conveyancing panel for Teachers Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Teachers Building Society as to how long they think it will take to get the firm to get back on the panel.
Expecting to move into my new home next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Teachers Building Society. What risks do Teachers Building Society expect the insurance to cover?
All property lawyers on the Teachers Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Teachers Building Society’s Part 2 requirements of the CML Handbook (last updated on Teachers Building Society). Being on the Teachers Building Society conveyancing panel your lawyer is expect to follow these instructions.
Your search tool is useful but there are many lawyers listed near Chelsea on the Teachers Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Teachers Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
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.
is it true that all conveyancing solicitors on the Teachers Building Society conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Teachers Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
What are the common reasons for a lender such as Teachers Building Society to withdraw a mortgage offer?
Banks and Building Societies 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 their reasoning. There are many potential reasons but here are 5 examples:
- If the borrower informs Teachers Building Society of a change in security address
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- 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;
- If the solicitor on the Teachers Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Teachers Building Society ‘s instructions
I have instructed a lawyer having made sure that they are on the Teachers Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Or
Having digested plenty of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Teachers Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Teachers Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Teachers Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Teachers Building Society you could contact your them to see if they have a list of approved surveyors.