Frequently asked questions relating to the Teachers Building Society Conveyancing Panel
from members of the public
What is the rationale as to why all UK lawyers are not on the Teachers Building Society Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Teachers Building Society was issued random date and we have agreed a date for me to move into the property on Tues etc. My solicitor has advised that as she is on the Teachers Building Society conveyancing panel she needs to redo the searches as they are now out of date.
One of the many conditions 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)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Teachers Building Society.
Do I have to pop into the offices of the Teachers Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Liverpool
so that I can attend their offices if required.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
.
My aunt passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Teachers Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Teachers Building Society will insist on your using a conveyancer on the Teachers Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Teachers Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Teachers Building Society mortgage is registered as a charge at the Land Registry.
Is it the case that all conveyancing lawyers on the Teachers Building Society conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Do most 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 criteria.
I was told two weeks ago that my mortgage has been agreed
to by Teachers Building Society. Is it usual for Teachers Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Teachers Building Society to deal with your lawyers application to be on the Teachers Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.