Teachers Building Society Conveyancing Panel Information
BSA Designator: Teachers Building Society
Jurisdiction: England and Wales
The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Teachers Building Society and to assist in remaining on the Teachers Building Society Conveyancing Panel.
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Teachers Building Society Conveyancing Panel Assistance:
We do not operate a conveyancing panel
You must also comply with the terms and conditions of your Teachers Building Society solicitor panel appointment.
Check with your Compliance Officer, but a firm should not send the complete conveyancing file without the borrower client’s express consent – and if he is in dispute with the lender he is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.
The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, 2010 EWHC 3054 (Ch) indicates that such provisions valid? Please click here for more information about that case.
- To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- To forward the title deeds and documents to another conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
- You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
- To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.
In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Teachers Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Teachers Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Teachers Building Society conveyancing panel status.
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Recent Changes Include
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Last update 15/02/2019