FAQs for the Teachers Building Society Solicitor Panel from members of the public
Can you please explain the reason why all UK lawyers are not on the Teachers Building Society Conveyancing panel?
Teachers Building Society and other lenders normally imposes restrictions either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Teachers Building Society have no responsibility for the quality of advice provided by any member of Teachers Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Can you help?. My lawyer is not to blame but, my purchase conveyancing 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 6 months + 3. My lawyer says that as she is on the Teachers Building Society conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Teachers Building Society approved panel is to comply with the CML Handbook Part 2 obligations (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.
I require the services of a Teachers Building Society panel solicitor in Stirling. Could you help me?
It is not clear why you need a Teachers Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Teachers Building Society to find out which solicitors in Teachers Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I was scheduled to complete on my first house yesterday. My solicitor is on the Teachers Building Society solicitors panel but has moved offices 8 weeks ago and had not informed Teachers Building Society of their new address. Teachers Building Society is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. 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.
I had instructed online conveyancers located in Manchester who are on the Teachers Building Society solicitor panel. They have just invoiced me a separate fee of £195 for the legal aspects of the Teachers Building Society mortgage. Is this a supplemental conveyancing fee specified by Teachers Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Teachers Building Society but by your lawyers. Some firms on the Teachers Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have agreed a price on a apartment I spoke to a lawyer recommended by my brother and he suggested instructing a law firm approved by Teachers Building Society. The estate agent recommended two local firms so I asked Teachers Building Society if the 2 suggested solicitors are approved, which they are not. Teachers Building Society pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Teachers Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Teachers Building Society to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Teachers Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Teachers Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Teachers Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I was told three 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.