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FAQs for the Secure Trust Bank Conveyancing Panel
I am in the process of selling my house and the EA has just texted me to say that the buyers are changing their solicitor. I am told that this is due to the fact that Secure Trust Bank will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with specific law firms?
Lenders 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 Nationwide , 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 hearing daily from firms 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.
Our solicitor has uncovered a legal deficiency with the lease for the apartment we are purchasing. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the Secure Trust Bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Secure Trust Bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Secure Trust Bank are the client. A precondition to being on the Secure Trust Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Secure Trust Bank). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Secure 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.
I need to find a Secure Trust Bank panel solicitor in Belfast. Can you assist?
It is not clear why you need a Secure Trust Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Secure Trust Bank to find out which solicitors in Secure Trust Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
My conveyancers in London have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Secure Trust Bank. Is it case that being on the Secure Trust Bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Secure Trust Bank Conveyancing Panel Terms. It might be worth you contacting Secure Trust Bank directly.
Do the majority of banks 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 Secure Trust Bank conveyancing panel requirements are different to Secure Trust Bank’s conveyancing panel requirements.
I am buying a property where the roof has a solar panel. Secure 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?
Given that your lender is Secure Trust Bank your lawyer must to check the Secure Trust Bank conveyancing instructions contained in the Part of CML Handbook for Secure Trust Bank . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Secure Trust Bank where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Secure Trust Bank are being a right pain. The solicitor who is on the Secure Trust Bank conveyancing panel is saying indemnity insurance will be fine but Secure Trust Bank are insisting on a building regulation certificate. Why do Secure Trust Bank have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Secure Trust Bank have referred the matter to their valuer. The reason why Secure Trust Bank may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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