Q and A’s regarding the Secure Trust Bank Solicitor Panel from members of the public
I appointed a firm of solicitors to conduct the legal paperwork on my purchase three weeks ago having applied for a mortgage with Secure Trust Bank. The firm assured me that they are on Secure Trust Bank conveyancing panel and provided me their panel reference. Secure Trust Bank then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor currently on the conveyancing panel for Secure Trust Bank?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Secure Trust Bank conveyancing panel You may wish to enlist the help of your broker to check with the Secure Trust Bank as to how long they think it will take to get the firm to get back on the panel.
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Secure 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solicitor says that as she is on the Secure Trust Bank conveyancing panel she needs to reorder the searches as they are no longer valid.
A precondition to being on the Secure Trust Bank approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Secure 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 Secure Trust Bank.
How up to date is your database of lawyers on the Secure Trust Bank conveyancing panel? Do Secure Trust Bank send you an updated list?
The firms themselves provide us confirmation that they are on the Secure Trust Bank conveyancing panel as opposed to being supplied with a list from Secure Trust Bank directly.
The firm that just started acting on my purchase in Newcastle has without warning shut down. I chose them because I had to have a solicitor on the Secure Trust Bank conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Secure Trust Bank conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Secure Trust Bank conveyancing panel requirements are different to Secure Trust Bank’s conveyancing panel criteria.
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. Please confirm
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 instructed a lawyer having made sure that they are on the Secure Trust Bank conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Secure Trust Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Secure Trust Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Secure Trust Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Secure Trust Bank you could contact your them to see if they have a list of approved surveyors.