First Trust Bank Solicitor Panel Sample Enquires to our Call Center from members of the public
I am in the process of selling my maisonette and the EA has just texted me to warn that the purchasers are switching conveyancer. The reason given is that First Trust Bank will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with specific solicitors?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks 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.
Expecting to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for First Trust Bank. What risks do First Trust Bank expect the insurance to cover?
Any lawyer on the First Trust Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in First Trust Bank’s Part 2 requirements of the CML Handbook (last updated on First Trust Bank). Being on the First Trust Bank conveyancing panel your lawyer is expect to follow these requirements.
I note that you have a post code search directory identifying firms on the First Trust Bank conveyancing panel. Do firms pay you a commission if I appoint 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.
I have agreed a price on a flat I spoke to a lawyer previously used by my brother and he suggested retaining a law firm approved by First Trust Bank. The estate agent recommended two local firms so I asked First Trust Bank if the 2 suggested solicitors are approved, which they are not. First Trust Bank pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of First Trust Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask First Trust Bank to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the First Trust Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto First Trust Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet First Trust Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have today made my last payment due on mortgage with First Trust Bank. I assume I don't need a solicitor on the First Trust Bank panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your First Trust Bank mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the First Trust Bank mortgage from the register. First Trust Bank,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the First Trust Bank has sent the Land Registry the discharge electronically, and
the First Trust Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your First Trust Bank mortgage has been paid off.
The mortgage over my property is with First Trust Bank. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform First Trust Bank?
Your original mortgage agreement with First Trust Bank will provide that you need their approval before letting out your property as this is likely to be a breach of First Trust Bank’s mortgage conditions. It may be that First Trust Bank will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact First Trust Bank directly. You need not do this via a First Trust Bank conveyancing panel solicitor.