Q and A’s regarding the Teachers Building Society Conveyancing Panel from members of the public
Can you please explain the reason why all property lawyers aren't included on the Teachers Building Society Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
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.
I am looking for online conveyancing estimates. Can I be sure that all the firms that are listed on your website are on the Teachers Building Society conveyancing panel?
The law firms on our directory have assured us via an online form 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 bank or a member of the public that the data about a specific firm being on the Teachers Building Society conveyancing panel is not accurate.
We're in London, FTBs purchasing 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
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Teachers Building Society. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Teachers Building Society involved you will need to appoint a solicitor on the Teachers Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Teachers Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Teachers Building Society conveyancing panel.
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.
Teachers Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Teachers Building Society or your broker and complete any relevant paperwork. Teachers Building Society will tell you what documents they want. Teachers Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Teachers Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.