Find an Approved Solicitor on the First Trust Bank
FAQs : The First Trust Bank Solicitor Panel
On what basis would a law firm be removed from the First Trust Bank approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by First Trust Bank
My fiance and I are refinancing our penthouse with First Trust Bank. We have a son approaching twenty who lives with us. The solicitor on the First Trust Bank conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the First Trust Bank conveyancing panel as he never had to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to First Trust Bank .This is solely used to protect the First Trust Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of First Trust Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am looking to buy a house and require a conveyancing solicitor in London who is on the First Trust Bank conveyancing. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for First Trust Bank . We don’t recommend any particular firm.
I am buying a right to buy flat and getting a mortgage with First Trust Bank. Can I do my own conveyancing?
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.
When it comes to lenders such as First Trust Bank do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is there a list of First Trust Bank panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I am buying a property where the roof has a solar panel. First Trust Bank have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is First Trust Bank your lawyer must to check the First Trust Bank conveyancing instructions contained in the Part of CML Handbook for First Trust Bank . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to First Trust Bank where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.