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Secure Trust Bank Solicitor Panel: Recently Asked Questions
Is it true that the Law Society has recommended that firms check their status on the
Secure Trust Bank conveyancing panel?
The Law Society of Scotland has suggested that solicitors should check their panel status with lenders before 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 mumsnet.com
I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
Many estate agents are feeling the pain if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many
conveyancing firms are only discovering when they begin working on a
case that they are no longer able to work with that lender. Given
the inevitable resultant delays in the transaction the chances of an
abortive deal increases dramatically. in the circumstances there is
understandable anguish on the part of the estate agent as a result of
the lost time should the client have to change lawyers.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Secure Trust Bank and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Secure Trust Bank
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Secure Trust Bank and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
My firm is not on the
Secure Trust Bank conveyancing panel as well other banks.
My clients, who have applied for a mortgage with Secure Trust Bank still want me to act for them regardless of the fact that we are not on the
Secure Trust Bank panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for
Secure Trust Bank on mortgage aspect of the conveyancing?
Please tread carefully here as what you are proposing may not be acceptable to the lender.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
We are a 3-partner firm on the Secure Trust Bank conveyancing panel. Do you have ideas as to how we can market our practice as conducting conveyancing in Hendon authorised to act forSecure Trust Bank?
5 people search for a conveyancing practitioner on the Secure Trust Bank panel on a monthly basis in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be identified by those searching for conveyancing in Hendon.
Lockton’s PII renewal form questions if my practice had been excluded from any bank panels in the last year.
I recently became aware that the firm is no longer on the
Secure Trust Bank solicitor panel? Is this likely to effect my PII premium?
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.
I am on the
Secure Trust Bank
conveyancing panel and all set to complete a remortgage within the next week. My papers do not include a Mortgage Deed for the client to execute.
Who do I contact at Secure Trust Bank to request substitute deeds?
You should get in touch with Secure Trust Bank
to obtain standard documents. The CML Handbook has an express section for lenders to establish who to contact to obtain standard documents.
Secure Trust Bank in their Part 2’s state:
It is likely that you will need to disclose your Secure Trust Bank solicitors panel number.
Find a Lawyer on the Secure Trust Bank Conveyancing Panel
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Average number of days to register title including a charge in favour of Secure Trust Bank
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Secure Trust Bank Firms
- Draft Report on Title precedent for Secure Trust Bank borrowers
- Draft Anti Money Laundering PolicyTemplate for Secure Trust Bank panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Secure Trust Bank lender panel
- Buy-to-Let help for Secure Trust Bank
- Consent-to-Let help for Secure Trust Bank
- Contractor Mortgages with Secure Trust Bank
