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approved by First Trust Bank
Ready to buy a new home? Failing to check that a lawyer is on the First Trust Bank list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the First Trust Bank Conveyancing Panel? How can my firm be reinstated onto the First Trust Bank Conveyancing Panel?Find an Approved Solicitor on the First Trust Bank Conveyancing Panel
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How easy is it to change a solicitor as I need to find one who is on the First Trust Bank conveyancing panel. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
Our lawyer has identified a defect with the lease for the property we are buying. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the First Trust Bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or First Trust Bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and First Trust Bank are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that First Trust Bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What tools are available to find a local solicitor on the First Trust Bank conveyancing panel? I have a car and am prepared to travel up to 10 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.
What happens if my solicitor is removed from the First Trust Bank Solicitor panel in advance of the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I previously instructed online solicitors based in Birmingham who are on the First Trust Bank solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of 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 and others do not.
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. Am I right?
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.
The mortgage over my property is with First Trust Bank. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform First Trust Bank?
First Trust Bank must be informed of your intention prior to renting your property as this is likely to be a breach of First Trust Bank’s mortgage conditions. It may be that First Trust Bank will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact First Trust Bank directly. You need not do this via a First Trust Bank conveyancing panel solicitor.
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Transfer of Equity for First Trust BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors