Secure Trust Bank Conveyancing Panel Information

The requirements to join the Secure Trust Bank conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

In the same way that there is a unique Secure Trust Bank conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

When a solicitor is acting for both Secure Trust Bank and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Secure Trust Bank and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Secure Trust Bank the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Secure Trust Bank conveyancing panel status.

The best placed professionals to answer this question are your insurance brokers. 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 need to get in touch with Secure Trust Bank to obtain standard documents. The CML Handbook contains an individual inquiry for lenders to reveal who to contact to obtain standard documents. Secure Trust Bank in their Part 2’s state: You will need to quote the firm’s Secure Trust Bank conveyancing panel reference.