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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.
Looking for information about your firm's panel status?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?
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First Trust Bank Conveyancing Panel Recently Asked Questions
My Solicitor has never been on on the First Trust Bank Solicitor Panel. Can I still retain my family solicitor even though they are not on the First Trust Bank approved list?
You will need to have a conveyancer complete the legal work required when you take out a First Trust Bank mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the First Trust Bank conveyancing panel additional costs will be incurred as separate legal representation will be required by First Trust Bank. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from First Trust Bank was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor informs me that as she is on the First Trust Bank conveyancing panel she needs to redo the searches as they are no longer valid.
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 specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to First Trust Bank.
Whilst your website is a good idea there are many lawyers listed near Hackney on the First Trust Bank conveyancing panel. Can you recommend a specific firm on the conveyancing panel for First Trust Bank ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
The solicitors that just started acting on my house acquisition in Hendon has suddenly closed. I only went with them because I had to have a firm on the First Trust Bank conveyancing panel and my family lawyer was not. I gave them a cheque for £150 in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the First Trust Bank conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the First Trust Bank conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the First Trust Bank conveyancing panel requirements are different to First Trust Bank’s conveyancing panel requirements.
I am about to exchange contracts on a purchase with a mortgage from First Trust Bank. The report from my solicitor mentions that First Trust Bank could withdraw their offer before completion. Is this right?
Lenders such as First Trust Bank can withdraw their mortgage offer although this rarely happens. In the unlikely event that First Trust Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- Where information comes to First Trust Bank ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the borrower informs First Trust Bank of a change in security address
- If the borrower informs First Trust Bank of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that First Trust Bank conveyancing panel solicitors would be obliged to notify First Trust Bank of a change in the price of the property.
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion