Secure Trust Bank Conveyancing Panel Information

Lexsure only know of two or three lenders that operate a separate conveyancing panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Secure Trust Bank. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Secure Trust Bank

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.

Assuming that your firm in is on the Secure Trust Bank conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Secure Trust Bank are to lend, they may require indemnity insurance. In any event,you will need to check Secure Trust Bank’s specific requirements. Notwithstanding whether Secure Trust Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Secure Trust Bank alone) as to the risks of buying a property with an insolvent or absentee freeholder.

With mortgage companies and conveyancers working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Secure Trust Bank conveyancing panel but for all bank panel listings

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 need to contact Secure Trust Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific question for lenders to enumerate who to contact to obtain standard documents. Secure Trust Bank in their Part 2’s state: Don’t forget to disclose your Secure Trust Bank solicitors panel number.