Find an Approved Solicitor on the First Trust Bank
Common questions asked concerning the First Trust Bank Solicitor Panel
My fiance and I are FTBs. Within the 48 hours our lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. First Trust Bank have this afternoon contacted us to advise us that they have now hit a problem as our solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact First Trust Bank and see if they can apply for membership of the First Trust Bank conveyancing panel, but if that is not viable First Trust Bank will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the First Trust Bank conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My solicitor has identified an inconsistency when comparing the information in First Trust Bank’s valuation report and what is in the legal papers for the property. My solicitor has advised that as he is on the First Trust Bank conveyancing panel he needs to check that the bank is with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
A precondition to being on the First Trust Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on First Trust Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the First Trust Bank conveyancing panel. My lawyer has said that they are on the First Trust Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the First Trust Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the First Trust Bank solicitor panel.
I am buying a right to buy flat and getting a mortgage with First Trust Bank. 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 First Trust Bank 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 First Trust Bank conveyancing panel in your location.
I previously instructed online conveyancers located in Bristol who are on the First Trust Bank solicitor panel. They have just invoiced me a separate fee of £175 for dealing with the First Trust Bank mortgage. Is this a supplemental conveyancing fee specified by First Trust Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by First Trust Bank but by your lawyers. Some firms on the First Trust Bank will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with First Trust Bank. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with First Trust Bank involved you will need to appoint a solicitor on the First Trust Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to First Trust Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the First Trust Bank conveyancing panel.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with First Trust Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the First Trust Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with First Trust Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.