BSA Designator: Teachers Building Society
Jurisdiction: England and Wales
Teachers Building Society Solicitor Panel Assistance:
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.
my firm is on the Teachers Building Society conveyancing panel. Can I get an archived copy of Teachers Building Society Specific Requirements from the BSA?
The BSA, as is the case with the CML do not hold duplicates of Specific Requirements. The BSA advise that you make a request of Teachers Building Society directly.
Is it probable that Teachers Building Society will assign an alternative firm on the Teachers Building Society solicitor panel for a further advance during the lifetime of a mortgage ?
The BSA Mortgage Instructions applicable 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 will need to be adhered to .
Do the Building Society Association intend to launch a online directory to list solicitors on the Teachers Building Society conveyancing panel ?
We are not aware of any plans on the part of the BSA to promote such a search facility .
What sort of information are Lenders such as Teachers Building Society are asking for when it comes to applying to be on their approved conveyancing panel?
Each lender has different criteria.
We do not hold specific requirements relating to the questions raised as part of the application to be on the Teachers Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
SRA or equivalent regulator registration number where applicable
Charge registration history
Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
Structure of firm and, where applicable, its group
PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – top-up split and history of any refusals
Full complaints history for each conveyancing solicitor
Full career history for each solicitor including admission date to the relevant Law Society
Whether the firm is able to operate in other jurisdictions
Summary of annual accounts
Why did the BSA introduced its own instructions?
The BSA introduced it’s Mortgage Instructions in 2010 to ensure that licensed conveyancers or solicitors on a building society conveyancing panel had full access to a complete set of standardised mortgage instructions.
The firm that I work for 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.
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: