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approved by Teachers BS
Ready to buy a new home? Failing to check that a lawyer is on the Teachers BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Teachers Building Society Conveyancing Panel? How can my firm be reinstated onto the Teachers Building Society Conveyancing Panel?Find an Approved Solicitor on the Teachers Building Society Conveyancing Panel
FAQs : The Teachers Building Society Conveyancing Panel
My Conveyancer has never been on on the Teachers Building Society Conveyancing Panel. Is it possible for me to continue with my preferred solicitor notwithstanding that they are not on the Teachers Building Society panel of approved conveyancing solicitors?
You will need to have a conveyancer complete the legal work required when you take out a Teachers Building Society mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Teachers Building Society conveyancing panel additional costs will be incurred as separate legal representation will be required by Teachers Building Society. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Teachers Building Society will not agree to this. Why was Teachers Building Society even consulted?
Your lawyer being on the Teachers Building Society conveyancing panel is duty bound to inform Teachers Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Teachers Building Society then they would have to discontinue acting for you and Teachers Building Society.
I am buying a property and require a conveyancing solicitor in Leeds who is on the Teachers Building Society solicitor. Can you recommend a local 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.
The firm that I appointed last week on my purchase in Brighton has without warning closed. I chose them because I had to have a lawyer on the Teachers Building Society conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will 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 lawyers may be able to help
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Teachers Building Society be concerned
Given that your lender is Teachers Building Society your lawyer must to check the Teachers Building Society conveyancing instructions contained in the Part of CML Handbook for Teachers Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Teachers Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
Why might a lender such as Teachers Building Society withdraw a mortgage offer?
Lenders such as Teachers Building Society can revoke their mortgage offer although this rarely happens. If Teachers Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Where information comes to Teachers Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Teachers Building Society may amend or withdraw an offer if the Teachers Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- 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.
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the solicitor on the Teachers Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Teachers Building Society ‘s instructions
I have today made my last payment due on mortgage with Teachers Building Society. I assume I don't need a solicitor on the Teachers Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Teachers Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Teachers Building Society mortgage from the register. Teachers Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Teachers Building Society has sent the Land Registry the discharge electronically, and
the Teachers Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Teachers Building Society mortgage has been paid off.