Examples of recent questions relating to the Teachers Building Society Conveyancing Panel from members of the public
My partner and I are first time buyers. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Teachers Building Society have this afternoon contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Teachers Building Society and see if they can apply for membership of the Teachers Building Society conveyancing panel, but if that is not viable Teachers Building Society will instruct their own lawyers to represent them. You don't have to instruct a firm on the Teachers Building Society conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our solicitor has discovered a legal deficiency with the lease for the apartment we are purchasing. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the Teachers Building Society conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Teachers Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Teachers Building Society are the client. A precondition 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Teachers Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I need to find a Teachers Building Society panel solicitor in Belfast. Can you assist?
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 would like to get my former partner removed the mortgage deeds. Can Teachers Building Society really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Teachers Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Teachers Building Society solicitors panel
When it comes to lenders such as Teachers Building Society do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My existing mortgage is with Teachers Building Society. My uncle retired last week and wants to pay off my mortgage. After Teachers Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Teachers Building Society conveyancing panel? I do not intend to live at the property once the Teachers Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Teachers Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I am selling my house. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Teachers Building Society are being a right pain. The solicitor who is on the Teachers Building Society conveyancing panel is recommending indemnity insurance as a solution but Teachers Building Society are requiring a building regulation certificate. Why do Teachers Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Teachers Building Society have referred the matter to their valuer. The reason why Teachers Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.