First Trust Bank Conveyancing Panel : Questions and Answers from members of the public
My fiance and I are purchasing a 2 bedroom flat in Leeds with a mortgage from First Trust Bank. We would like to retain our solicitor but First Trust Bank says he's not on their "panel". It seems we have little choice but to instruct one of the First Trust Bank panel solicitors 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?
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
We are only a couple days away from an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender First Trust Bank. Apparently, being on the First Trust Bank conveyancing panel and acting on their behalf he must inform First Trust Bank if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with First Trust Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to First Trust Bank if you agree, failing which, your lawyer must cease to continue acting.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the First Trust Bank solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in Birmingham, FTBs buying with a mortgage (lender is First Trust Bank , but our lawyer is on the First Trust Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the First Trust Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with First Trust Bank. Is it possible to avoid using solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with First Trust Bank involved you will need to appoint a solicitor on the First Trust Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to First Trust Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the First Trust Bank conveyancing panel.
For 5 years I had a mortgage with First Trust Bank. My uncle has just retired and wants to pay off my mortgage. After First Trust Bank is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the First Trust Bank conveyancing panel? I do not intend to live at the property once the First Trust Bank mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the First Trust Bank panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
My brother and I are buying a penthouse in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My agentsuggested that we enquire that the solicitor in Hendon is on the First Trust Bank solicitors panel. Is this right?
Far from all Hendon conveyancing firms are on the First Trust Bank conveyancing panel. 5 people a month use our search tool to find a Hendon conveyancing practitioner on the on the First Trust Bank solicitors pane.