Frequently asked questions relating to the Secure Trust Bank Conveyancing Panel from members of the public
Is there a reason why all UK lawyers aren't included on the Secure Trust Bank Solicitor panel?
Secure Trust Bank and other mortgage companies normally restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Secure Trust Bank have no responsibility for the quality of advice provided by any member of Secure Trust Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Expecting to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Secure Trust Bank. What does the insurance need to cover?
Any lawyer on the Secure 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 Secure Trust Bank’s Part 2 requirements of the CML Handbook (last updated on Secure Trust Bank). Being on the Secure Trust Bank conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a post code search directory listing solicitors on the Secure 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 Secure Trust Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am trying to get my ex-wife taken off the mortgage deeds. Can Secure Trust Bank really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but Secure Trust Bank then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Secure Trust Bank solicitors panel
I had instructed online solicitors located in Manchester 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 set 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 and others do not.
I have a mortgage with Secure Trust Bank. My father retired last week and wants to pay off the mortgage left on the property. After Secure 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 Secure Trust Bank conveyancing panel? I do not intend to live at the property once the Secure Trust Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Secure Trust Bank conveyancing 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. There's no capital gains tax for you as it is
your main residence.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Secure Trust Bank on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Secure Trust Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Secure Trust Bank panel she or he must comply with the CML Handbook requirements for Secure Trust Bank. Unless your lawyer obtains specific confirmation in writing that Secure Trust Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Secure Trust Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.