First Trust Bank Conveyancing Panel : Questions and Answers from members of the public
My husband and I are buying a 3 bedroom flat in Leeds with a mortgage from First Trust Bank. We would like to retain our lawyer but First Trust Bank says she’s not on their "panel". It seems we have little choice but to instruct one of the First Trust Bank panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for First Trust Bank
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 date stamped random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. 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 acceptable to the lender.
One of the many conditions to being on the First Trust Bank approved panel is to comply with the CML Handbook Part 2 obligations (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.
I note that you have a post code search directory identifying law firms on the First Trust Bank conveyancing panel. Do firms pay you a referral fee if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the First Trust Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am selling my house. Does my solicitor have to be on the First Trust Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the First Trust Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
We have a mortgage agreed in principle with First Trust Bank. Solicitors have been instructed? How long does it take for First Trust Bank to send the offer to our conveyancer
There is no definitive answer here. Have First Trust Bank completed the valuation? Have you advised First Trust Bank as your lawyers details and checked that your lawyer is on the First Trust Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Planning on purchasing a house with a mortgage with First Trust Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the First Trust Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the First Trust Bank conveyancing panel
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with First Trust Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the First Trust Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with First Trust Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.