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Secure Trust Bank Conveyancing Panel : Questions and Answers
My fiance and I are buying a 1 bedroom apartment in Newcastle with a mortgage from Secure Trust Bank. We like our solicitor but Secure Trust Bank says he's not on their "panel". It seems we have little choice but to instruct one of the Secure Trust Bank panel firms 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?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Secure 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Secure Trust Bank
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Secure Trust Bank. What risks do Secure Trust Bank expect the insurance 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 requirements.
I require the services of a Secure Trust Bank panel solicitor in Stirling. Could you help me?
Unfortunately it’s not apparent why you need a Secure Trust Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Secure Trust Bank to find out which solicitors in Secure Trust Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am considering applying for a Secure Trust Bank mortgage for purchase of a new build (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Secure Trust Bank?
There is nothing to stop you using your solicitor but Secure Trust Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
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 into my local branch 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. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 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.
Planning on purchasing a house with a mortgage with Secure Trust Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Secure Trust Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Secure Trust Bank conveyancing panel
Secure Trust Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Secure Trust Bank or your broker and complete any relevant paperwork. Secure Trust Bank will tell you what documents they want. Secure Trust Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Secure Trust Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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