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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
Common questions asked concerning the Teachers Building Society Solicitor Panel
My financial adviser has has requested my solicitor’s panel reference for the Teachers Building Society conveyancing panel. Can you suggest how I discover this. I have e-mailed my local Teachers Building Society branch but they don't know it.
Have you tried speaking to your lawyer about this?. They should have a central record lender panel numbers including the Teachers Building Society panel reference.
I am buying a brand new apartment and my conveyancer is telling 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 under pressure to exchange and I dont want to delay matters. is my lawyer taking the correct approach?
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.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Teachers Building Society conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Teachers Building Society conveyancing panel as opposed to being supplied with a list from Teachers Building Society directly.
I am purchasing a new build flat and getting a mortgage with Teachers Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Teachers Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Teachers Building Society conveyancing panel in your location.
Last month we had a mortgage agreed in principle with Teachers Building Society. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Teachers Building Society?
There is no definitive answer here. Have Teachers Building Society conducted the survey? Have you advised Teachers Building Society as your lawyers details and checked that your lawyer is on the Teachers Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
In what circumstances might Teachers Building Society amend or withdraw their mortgage offer?
Lenders such as Teachers Building Society can revoke their mortgage offer although this is unusual. 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 various possible reasons but here are 5 examples:
- 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
- If the borrower informs Teachers Building Society of a change in security address
- 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.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where the sale is not at arms length for value to unconnected persons
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. Please confirm
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.