Teachers Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. It is a unique risk mitigation tool.

This system assists the way you can prove to lender panels that you are, and can remain fully compliant with their instructions, with alerts on Teachers Building Society’s changes. Notwithstanding that utilising the tool is not a prerequisite for Teachers Building Society , demonstrating you can stay up to date with Teachers Building Society’s Handbook requirements is an excellent support to your panel application and, more importantly, protect your panel standing.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will increase your firm's efficiency. In addition it is simply to use, cost-effective and, for some firms, results in reduced PII premiums.

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Mortgage companies frequently vary their requirements. The BSA instructions from Teachers Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes


Since 2010, Teachers Building Society has made 10 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 273.0 days. In total, 8% of the sections of the BSA Requirements for Teachers Building Society have been changed since 26/1/2010.

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Frequently asked questions relating to the Teachers Building Society Solicitor Panel from members of the public

I need to swap lawyers as my lawyer is not on the Teachers Building Society panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
Expecting to move into my new home next Thursday. 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 does the insurance need 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 requirements.
Do I have to pop into the offices of the Teachers Building Society conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Bristol so that I can pop in to their offices when needed.
As opposed to 15 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 Bristol .
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?
There is nothing to stop you using your solicitor but Teachers Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is it the case that all 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).
Do the majority of 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 requirements.
After much negotiation I have agreed a price on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Teachers Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Teachers Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.