Common questions asked concerning the Teachers Building Society Solicitor Panel from members of the public
I appointed a solicitor to work on my house purchase six 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 reference. Teachers Building Society then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the conveyancing panel for Teachers Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Teachers Building Society conveyancing panel 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Teachers Building Society will not agree to this. Why was Teachers Building Society even consulted?
Your lawyer being on the Teachers Building Society conveyancing panel is duty bound to inform Teachers Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Teachers Building Society then they would have to discontinue acting for you and Teachers Building Society.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Teachers Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in Birmingham, First time buyers buying with a mortgage (lender is Teachers Building Society , but our lawyer is on the Teachers Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Teachers Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
We expect to receive a DIP from Teachers Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Teachers Building Society recommend a solicitor on the Teachers Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Teachers Building Society conveyancing panel. The solicitor represents both you and the Teachers Building Society through the process.
The mortgage over my property is with Teachers Building Society. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Teachers Building Society?
You must advise Teachers Building Society before letting out 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 permit you to let 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. It should not be necessary to do this via a Teachers Building Society conveyancing panel lawyer.
My ex -wife’s name is on the Teachers Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Teachers Building Society mortgage in order to sell?
As regards the Teachers Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Teachers Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
