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FAQs : The Secure Trust Bank Solicitor Panel
I am in the process of selling my house and the EA has just called to say that the buyers are switching property lawyer. I am told that this is due to the fact that Secure Trust Bank will only work with solicitors on their approved list. Why would a major lender only deal with specific solicitors?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My wife and I are refinancing our maisonette with Secure Trust Bank. We have a son 19 who lives with us. The solicitor on the Secure Trust Bank conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Secure Trust Bank conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Secure Trust Bank .This is solely used to protect the Secure Trust Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Secure Trust Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Secure Trust Bank conveyancing panel. My lawyer has said that they are on the Secure Trust Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Secure Trust Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Secure Trust Bank solicitor panel.
My grandmother passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Secure Trust Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Secure Trust Bank will insist on your using a conveyancer on the Secure Trust Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Secure Trust Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Secure Trust Bank mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as Secure Trust Bank do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My brother and I have had an offer accepted on a apartment I spoke to a conveyancer recommended by my mum and he advised retaining a law firm approved by Secure Trust Bank. The estate agent recommended two local firms so I asked Secure Trust Bank if the 2 suggested solicitors are approved, which they are not. Secure Trust Bank pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Secure Trust Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Secure Trust Bank to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Secure Trust Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Secure Trust Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Secure Trust Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
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 various 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?
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.
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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