Secure Trust Bank Conveyancing Panel Information

No such training is arranged by the CML although they do host a number of general legal 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 coming months including a webinar on Secure Trust Bank’s Part 2 requirements. Practitioners on the Secure Trust Bank conveyancing panel are welcome. Further details will be communicated as part of the LENDERmonitor P2 change Notifications.

As is the case with the Law Society the Council of Licensed Conveyancers has begun dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Secure Trust Bank in recent years.

You need to be careful here as what you are suggesting may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty 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 will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

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.

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 would be advised to contact Secure Trust Bank to obtain standard documents. The CML Handbook includes an express question for banks to establish who to contact to obtain standard documents. Secure Trust Bank in their Part 2’s state: Always remember to quote your Secure Trust Bank conveyancing panel reference.