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Secure Trust Bank Conveyancing Panel : Questions and Answers
I have just been informed by my financial adviser that my solicitor is not on the Secure Trust Bank Solicitor panel. What can I do to be sure that this is correct?
You need to contact your conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the the approved Secure Trust Bank solicitor panel.
Expecting to move into my new home next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order 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 am searching for conveyancing quotes online. Can I be sure that all the law firms that are identified on your website are on the Secure Trust Bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Secure Trust Bank panel and agreed to advise us to take down their listing in the event of removal off of the Secure Trust Bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Secure Trust Bank conveyancing panel is not accurate.
I would like to get my ex-husband taken off the mortgage deeds. Can Secure Trust Bank really insist on which solicitor I can or can not use?
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
Do conveyancing solicitors on the Secure Trust Bank conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
The mortgage over my property is with Secure Trust Bank. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Secure Trust Bank?
Your original mortgage agreement with Secure Trust Bank will provide that you need their approval prior to letting out 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. It should not be necessary to do this via a Secure Trust Bank conveyancing panel firm.
My ex -wife’s name is on the Secure Trust Bank mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Secure Trust Bank mortgage in order to sell?
In terms of the Secure Trust Bank mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Secure Trust Bank in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
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Transfer of Equity for Secure Trust BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors