FAQs : The Teachers Building Society Solicitor Panel from members of the public
I appointed a firm of solicitors to work on my remortgage six weeks ago having applied for a mortgage with Teachers Building Society. The solicitors assured me that they are on Teachers Building Society conveyancing panel and advised me their panel number. Teachers Building Society then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the conveyancing panel for Teachers Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Teachers Building Society as to how long they think it will take to get the firm to get back on the panel.
Our conveyancer has identified a defect with the lease for the property we are purchasing. The other side have put forward title insurance as a solution. We are content 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. Who is the client here, us or Teachers Building Society?
Just because you have a mortgage offer from Teachers Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Teachers Building Society are the client. The appropriate lender requirements must be adhered to by the Teachers Building Society conveyancing panel who has to balance acting for you and Teachers Building Society
Do I have to attend 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 Leeds
so that I can pop in to their offices if required.
Most conveyancing panel lawyers for Teachers Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
The solicitors that I appointed last week on my house acquisition in Manchester has suddenly closed. I only went with them because I needed a solicitor on the Teachers Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Teachers Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
How can we tell if a solicitor on the Teachers Building Society panel is any good?
Getting recommendations is a sensible 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 solicitor conducting your conveyancing
I have a mortgage with Teachers Building Society. My uncle has just retired and wants to pay off the mortgage left on the property. After Teachers Building Society is paid, I want to transfer the property to my mother's name; How long does the process 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
After much negotiation I have agreed a price on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 150. Soon after the conveyancers contacted me to say 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.
