Secure Trust Bank Conveyancing Panel Information

No such training is arranged by the CML however they do host numerous useful conveyancing related conferences which are attended by firms on the Secure Trust Bank conveyancing panel. We do intend to run specific lender focused seminars in the near future including a webinar on Secure Trust Bank’s Part 2 requirements. Law firms on the Secure Trust Bank conveyancing panel are welcome. Further details will be communicated as part of the LENDERmonitor P2 change Notifications.

The Scottish Law Society has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Secure Trust Bank conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Secure Trust Bank. Some changes are more important than others but as a firm on the Secure Trust Bank conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

Secure Trust Bank approved solicitors have to comply with the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Secure Trust Bank require, the deed of covenant on their behalf. You will need to check Secure Trust Bank CML Part 2 conditions to see if Secure Trust Bank have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Secure Trust Bank conveyancing panel

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Secure Trust Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should get in touch with Secure Trust Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit inquiry for banks to enumerate who to contact to obtain standard documents. Secure Trust Bank in their Part 2’s state: Always remember to disclose the firm’s Secure Trust Bank solicitors panel reference.