Teachers Building Society Conveyancing Panel Recently Asked Questions from members of the public
Can you please explain the reason why all solicitors are not on the Teachers Building Society Solicitor panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
I am purchasing a new build flat and my conveyancer is telling me that she has to reveal incentives from the builder as her practice is on the Teachers Building Society conveyancing panel. The Estate Agents are hassling me to sign contracts and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. 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 Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What tools are available to find a local solicitor on the Teachers Building Society conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Teachers Building Society solicitor panel.
My solicitors in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Teachers Building Society. Is it case that being on the Teachers Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Teachers Building Society Conveyancing Panel Terms. It might be worth you contacting Teachers Building Society directly.
When it comes to lenders such as Teachers Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
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.
Can I register a complaint to Teachers Building Society about the lawyers being on the Teachers Building Society conveyancing panel?
Complaining to Teachers Building Society about their conveyancing panel is unlikely to yield much of a response. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Teachers Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Teachers Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Teachers Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.