Frequently asked questions relating to the Secure Trust Bank Solicitor Panel from members of the public
Much to my surprise I have been told by my mortgage broker that my the law firm I have appointed is not on the Secure Trust Bank Conveyancing panel. How can I be certain that this is indeed the case?
The best course of action for you to take is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the the approved Secure Trust Bank solicitor panel.
My husband and I are refinancing our maisonette with Secure Trust Bank. We have a son 19 who lives with us. The solicitor on the Secure Trust Bank conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Secure Trust Bank conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Secure Trust Bank conveyancing panel solicitor is doing the right thing 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 Secure Trust Bank .This is solely used to protect the Secure 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 Secure 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.
Do I have to pop into the offices of the Secure Trust Bank conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Leeds
so that I can attend their offices if required.
Most conveyancing panel lawyers for Secure Trust Bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My conveyancers in London have advised me that they can not locate 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 prescribed period?
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.
I had instructed online solicitors located in Bristol who are on the Secure Trust Bank solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Secure Trust Bank mortgage. Is this an additional conveyancing fee specified by Secure Trust Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Secure Trust Bank but by your lawyers. Some firms on the Secure Trust Bank will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have today made my last payment due on mortgage with Secure Trust Bank. I assume I don't need a solicitor on the Secure Trust Bank panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Secure 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 Secure Trust Bank mortgage from the register. Secure 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 Secure Trust Bank has sent the Land Registry the discharge electronically, and
the Secure Trust Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Secure Trust Bank mortgage has been paid off.
I have a mortgage with Secure Trust Bank. Conveyancing was finalised a year ago. Should I wish 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 Secure Trust Bank?
Your original mortgage agreement with Secure Trust Bank will provide that you need their approval before renting your property as this is likely to be a breach of Secure Trust Bank’s mortgage conditions. It may be that Secure Trust Bank will allow you to rent 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 Secure Trust Bank directly. You need not do this via a Secure Trust Bank conveyancing panel solicitor.