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:

What are the Teachers Building Society conveyancing panel criteria?
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.

Is it possible that Teachers Building Society will instruct another firm on the Teachers Building Society lender panel for a further advance during the mortgage term ?
The BSA Mortgage Instructions relevant to a solicitor on the Teachers Building Society conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Teachers Building Society conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction must be adhered to .
A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Teachers Building Society and other building societies have restricted their panel over the years. Why?
The feeling from lenders generally (we can not speak for Teachers Building Society specifically), is that for too long solicitors have concentrated on their duty of care to their purchasing client, and have paid scant attention to the duty they owe to the lender, whom they conveniently forget is also their client.

Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members

Teachers Building Society and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.

Who do building societies allow to be on their conveyancing panel?
In the same way that there is a unique Teachers Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement.

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.

My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the BSA Mortgage Instructions?’ My firm is on the majority of lender panels including the Teachers Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Am I supposed to mention these Conditions?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.

You have to try and take an objective view as to whether the Terms relating to the Teachers Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the BSA Mortgage Instructions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

Can the BSA assist me in an appeal having not been accepted onto the Teachers Building Society conveyancing panel?
If you have not been accepted or indeed been removed from the Teachers Building Society conveyancing panel then the BSA will not have any part to play in influencing Teachers Building Society in changing their mind. Please contact us here at Lexsure so that we can put you in touch with a consultant who may be able to assist. At the very least it’s worth a call to us.
The CML Handbook contains conveyancing instructions for a property with a solar panel. Teachers Building Society do not set out obligations via the BSA Mortgage Instructions. Am I missing something?
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:

Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors