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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.
Find an Approved Solicitor on the First Trust Bank Conveyancing Panel
First Trust Bank Solicitor Panel Recently Asked Questions
We are hoping to buy a 2 bedroom flat in Leeds with a mortgage from First Trust Bank. We like our solicitor but First Trust Bank says she’s not on their "panel". We have to appoint one of the First Trust Bank panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the First Trust Bank conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for First Trust Bank
My solicitor has identified a discrepancy between the assumptions in First Trust Bank’s valuation report and what is in the title deeds. My lawyer has advised that as he is on the First Trust Bank conveyancing panel he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action correct?
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.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the First Trust Bank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am purchasing a terraced house 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.
Are all solicitor practices on the First Trust Bank conveyancing panel overseen by the SRA?
As solicitors, in order to be on the First Trust Bank conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I had instructed online solicitors based in Birmingham who are on the First Trust Bank solicitor panel. They are now charging me a separate fee of £135 for dealing with the First Trust Bank mortgage. Is this a supplemental conveyancing fee set 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.
Is it common for First Trust Bank to withdraw a mortgage offer and what would be the reasoning?
Lenders such as First Trust Bank can revoke their mortgage offer although this is unusual. should 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 5 examples:
- 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.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- 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
- Where the lender has to take account a recent change in law
- Where the Lender’s right to possession is fettered in some way