BSA Designator: Teachers Building Society
Jurisdiction: England and Wales
Teachers Building Society Solicitor Panel Information:
What are the Teachers Building Society conveyancing panel arrangements?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
We do not operate a conveyancing panel
You must also comply with the terms and conditions of your Teachers Building Society solicitor panel appointment.
Can a practice make a complaint to the BSA about being removed excluded suspended from the Teachers Building Society conveyancing panel?
The BSA is not a regulator and therefore will not investigate grievances against lenders. You can of course contact Lexsure to see if we can help.
Are there conditions,outside the BSA Mortgage Instructions, that a firm should be aware of when on the Teachers Building Society conveyancing panel?
In order to be on the Teachers Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Teachers Building Society) are as follows:
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 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 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.
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.
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
Given that I am the Compliance Officer for Legal Practice what do I need to consider in terms of disclosures to the SRA if my firm is withdrawn off the Teachers Building Society conveyancing panel?
What you should do largely depends on the reason that your firm has been removed off the Teachers Building Society conveyancing panel. The top 3 reasons are as follows:
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction.
In these three circumstances it is unlikely that you would expected
to take any action. Disclosure and other compliance considerations
are more likely to be relevant if the reason for removal is due to
breaches of lender requirements or allegations of fraud or
negligence. Whether the reasoning should trigger a disclosable
'material' breach will depend on the firm and the circumstances
around possible failures to comply with the SRA Authorisation Rules,
and the SRA will judge each case on its own merits. Factors such as
the detriment or risk of detriment to clients, the scale of the issue
and overall impact on the firm will need to be considered in deciding
whether a failure is 'material'. As the compliance officer you will need systems
to identify patterns of breaches. Even if you don't consider there to
be regulatory implications, the firms COFA needs to consider whether
he or she needs to take any action as result of being removed from
the conveyancing panel of Teachers Building Society.
My firm is not on the Teachers Building Society approved panel as well other lenders . My clients, who have applied for a mortgage with Teachers Building Society still want me to act for them even though I am not on the Teachers Building Society panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for Teachers Building Society on mortgage aspect of the transaction?
You need to be careful here as what you are intending may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm.
You also need to make the costs implications and potential for delay very clear to your client.
My firm is on the Teachers Building Society conveyancing panel. I am
dealing with Teachers Building Society mortgage on a purchase. My
borrower client is asking not to disclose an issue to Teachers Building Society. What do I do in this conflict situation?
When a solicitor is acting for both Teachers Building Society and
borrower there is potential for conflicts to arise. You owe duties to
both clients. All information received by you from your client is
confidential and cannot be disclosed without the client’s consent.
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.
The Council of Mortgage Lenders Handbook includes instructions for a roof with a solar panel. Teachers Building Society do not set out obligations via the BSA Mortgage Instructions. Is this right?
The BSA Mortgage Instructions don't
specifically deal with Solar Panels but it would be prudent as
approved solicitors for Teachers Building Society to raise the issue
with them (as you would if the UK Finance Lenders’ Handbook applied). In any event you
need to raise the appropriate questions for your buyer client.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows: