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Much to my surprise I have been told by my lender that my property lawyer is not on the First Trust Bank Solicitor panel. What can I do to be certain that this is indeed the case?
The best course of action for you to take is to contact your conveyancer. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for First Trust Bank.
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 First Trust Bank. What risks do First Trust Bank expect the insurance to cover?
Any lawyer on the First 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 First Trust Bank’s Part 2 requirements of the CML Handbook (last updated on First Trust Bank). Being on the First Trust Bank conveyancing panel your lawyer is expect to follow these instructions.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the First Trust Bank conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Newcastle
so that I can attend their offices when needed.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
.
I am selling my house. Does my solicitor have to be on the First Trust Bank conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the First Trust Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
We are getting a further advance on our mortgage from First Trust Bank as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the First Trust Bank conveyancing panel to deal with the paperwork?
First Trust Bank do not ordinarily instruct firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the First Trust Bank list
First 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 First Trust Bank or your broker and complete any relevant paperwork. First Trust Bank will tell you what documents they want. First 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. First 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.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with First Trust Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the First Trust Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with First Trust Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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