Frequently asked questions relating to the Teachers Building Society Solicitor Panel from members of the public
I have just been informed by my mortgage broker that my lawyer is not on the Teachers Building Society Solicitor panel. What can I do to be sure that this is correct?
The first thing you need to do is to contact your lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for Teachers Building Society.
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Teachers Building Society was date stamped random date and we have agreed a date for me to move into the property on Tues etc. My solicitor says that as she is on the Teachers Building Society conveyancing panel she needs to redo the searches as they are no longer valid.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 have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Teachers Building Society conveyancing panel. My lawyer has said that they are on the Teachers Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Teachers Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Teachers Building Society solicitor panel.
We're in Liverpool, First timers buying with a mortgage (lender is Teachers Building Society , but our solicitor 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
Can I be sure that the solicitor on the Teachers Building Society panel is any good?
obtaining recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your transaction
I am about to exchange contracts on a purchase with a mortgage from Teachers Building Society. The report from my solicitor mentions that Teachers Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Teachers Building Society can revoke their mortgage offer although this rarely happens. In the unlikely event that Teachers Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- If the borrower informs Teachers Building Society of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Teachers Building Society conveyancing panel solicitors would be obliged to notify Teachers Building Society of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
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.