Find an Approved Solicitor on the First Trust Bank
FAQs for the First Trust Bank Conveyancing Panel
I am progressing with the sale of my maisonette and the estate agent has just e-mailed to say that the purchasers are switching conveyancer. The excuse is that First Trust Bank will only engage with solicitors on their conveyancing panel. Why would a leading lender only deal with certain solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My god-son is about to exchange on a house that has just been built with a mortgage from First Trust Bank. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the First Trust Bank conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the First Trust Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How do I search for a local solicitor on the First Trust Bank conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the First Trust Bank solicitor panel.
We're in Liverpool, First timers buying with a mortgage (lender is First Trust Bank , but our lawyer is on the First Trust Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the First Trust Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
My husband and I are at the point of looking at flats and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a mortgage with First Trust Bank
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with First Trust Bank , make sure you remember to check that your lawyer is on the First Trust Bank conveyancing panel.
I have today made my last payment due on mortgage with First Trust Bank. I assume I don't need a solicitor on the First Trust Bank panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your First Trust Bank mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the First Trust Bank mortgage from the register. First Trust Bank,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the First Trust Bank has sent the Land Registry the discharge electronically, and
the First Trust Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your First Trust Bank mortgage has been paid off.
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 should be my next step? 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.