FAQs : The Teachers Building Society Solicitor Panel from members of the public
I am progressing with the sale of my flat and the estate agent has just texted me to say that the purchasers are changing their conveyancer. The excuse is that Teachers Building Society will only deal with solicitors on their approved list. Why would a big named lender only deal with specific lawyers?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I am buying a newly built flat and my solicitor is informing me that she is duty bound to disclose incentives from the developer as her firm is on the Teachers Building Society conveyancing panel. I am nearing the developer’s deadline to exchange contracts and my preference is not to delay matters. Can I insist on an exchange regardless of what my lawyer says about being on the Teachers Building Society panel?
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.
I am looking to buy a house and need a conveyancing solicitor in Birmingham who is on the Teachers Building Society approved. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Teachers Building Society . We don’t recommend any particular firm.
I was scheduled to move into my dream home last Thursday. My solicitor is on the Teachers Building Society conveyancing panel but has changed address in the past couple of months and had not advised Teachers Building Society of their new address. Teachers Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Teachers Building Society branch or your mortgage broker to see if they can help.
When it comes to mortgage companies 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.
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.
My husband and I are acquiring a terraced house in Hendon. Conveyancing solicitors in Hendon need to beinstructed. My fatherrecommended that we make sure that the property lawyer in Hendon is on the Teachers Building Society panel. Is this right?
Far from all Hendon conveyancing practices are on the Teachers Building Society conveyancing panel. Use the above search tool to locate a Hendon conveyancing practitioner on the on the Teachers Building Society solicitors pane.
