Intermediary Guide to Solicitor Selection. There s no point avoiding it. At some point your client is going to give some money to a solicitor. The least we can do is help select a good one. Remarkably honest Get honest answers on 0330 303 3495 or visit us at securetrustbank.com/intermediaries THIS INFORMATION IS FOR INTERMEDIARIES ONLY
Secure Trust Bank Mortgages Solicitor Guide Contents Page 1. Secure Trust Bank Solicitor Panel 3 2. Purchase Applications 3 2.1 How to apply to join the Secure Trust Bank Panel 3 2.1.1 If the solicitor gets approved 4 2.1.2 If the solicitor does not get approved 4 2.1.3 Separate Representation 4 3. Remortgage Applications 5 3.1 Fees Assisted Remortgages 5 4. Walkthrough Guide 6 4.1 Selecting a Panel Solicitor 6 4.2 Selecting Remortgage 7 4.3 How to add a solicitor that wishes to apply for addition to the panel 8 THIS INFORMATION IS FOR INTERMEDIARIES ONLY Page 2 of 8
1. Secure Trust Bank Solicitor Panel Secure Trust Bank operates a panel of approved solicitors that are managed via The Lender Exchange. When selecting a solicitor as part of an application submission you will presented with two options. You can select an existing panel solicitor, or enter the details of a solicitor firm that wish to be added to our panel. 2. Purchase Applications Our preferred solicitor for purchase applications is Lightfoots LLP who can act under joint representation on behalf of your applicant and the bank. We work closely with them and they offer fixed fees for a standard purchase as follows: For joint representation (acting on behalf of the bank and applicant(s) Service Charge Payable by Residential purchase. 450 plus VAT for loans up to 75k 500 plus VAT for loans up to 200k 550 plus VAT for loans up to 350k 625 plus VAT for loans up to 500k 800 plus VAT for loans up to 1m For loans of 1m plus, please contact the Intermediary Support Team. A leasehold supplement of 50 plus VAT shall apply in each case where the security property to be mortgaged is leasehold. Applicant. The applicant(s) can also choose from a list of approved firms, who can act under joint representation on behalf of your applicant and the bank; these can be viewed at www.securetrustbank.com/intermediaires or contact the Intermediary Support Team on 0330 303 3495 for further information. 2.1 How to apply to join the Secure Trust Bank Panel Solicitors can only be added to the panel for purchase transactions and we recommend that you should conduct an initial check with the solicitor to confirm they meet our minimum requirements as follows: The firm must have a minimum of four partners The most experienced Solicitor in the firm must have at least five years conveyancing experience The firm must be registered with the Solicitors Regulation Authority The firm must be accredited by the Law Society s Conveyancing Quality Scheme (CQS) The firm must have Professional Indemnity Insurance in place which satisfies the firm s obligations under the SRA Indemnity Insurance Rules (as amended) and all related outcomes under the SRA Code of Conduct 2011 (as amended) The firm must not appear on the Bar Council s List of Defaulting Solicitors There must have been no censure of the firm, any partner or member or any employee by any regulatory body in the last five years The firm must submit information via The Lender Exchange If the preferred solicitor meets the minimum criteria, they can apply to be added to the panel via www.lenderexchange.co.uk They will need to register to access the site and can then make an application. If you choose to add a solicitor, you will still be able to fully complete submission of your full mortgage application. The mortgage application will continue to be processed, but an offer will not be issued until the solicitor has been appointed to the panel; additionally non-refundable fees may be incurred as part of the application process. It is important that the solicitor registers as timely as possible to avoid any unnecessary delays. The process will be moderated by The Lender Exchange who will notify the solicitor directly on the outcome of the panel application. THIS INFORMATION IS FOR INTERMEDIARIES ONLY Page 3 of 8
2.1.1 If the solicitor gets approved Provided the solicitor is approved to the panel when application is ready for offer, the offer pack and solicitor s instructions will be issued following the usual process, and the applicant s solicitor will act on behalf of the applicant(s) and the bank for all legal processing. The solicitor will then be on the approved panel for any future applications. They will only be removed from the panel if they have been inactive with the bank for 24 months. 2.1.2 If the solicitor does not get approved If the preferred solicitor does not get approved for the panel we will contact you to offer the following options: a) Postpone issuing the offer until the submitted solicitor is added to the panel. b) Select another solicitor already on the panel to act on behalf of the applicant(s) and the bank under joint representation. c) If the applicant(s) still want to use their preferred solicitor they can continue under separate representation with Lightfoots LLP acting on behalf of the bank, please see section 2.1.3 Separate Representation. 2.1.3 Separate Representation Under separate representation, the chosen solicitor will act on the applicant s behalf, whilst Lightfoots LLP act on the bank s behalf. This may lead to longer than usual processing times, and the applicant(s) are responsible for both sets of legal fees. Lightfoots LLP s fees for acting on behalf of the bank are as follows: For separate representation (acting on behalf of the bank only) Service Charge Payable by Residential purchase. 250 plus VAT for loans up to 75k 300 plus VAT for loans up to 200k 350 plus VAT for loans up to 350k 425 plus VAT for loans up to 500k 600 plus VAT for loans up to 1m For loans of 1m plus, please contact the Intermediary Support Team. A leasehold supplement of 50 plus VAT shall apply in each case where the security property to be mortgaged is leasehold. Applicant. The legal process for separate representation is: Lightfoots LLP will engage with the applicant s solicitor by writing to them. We will forward a copy of the applicant s mortgage offer to Lightfoots LLP. Lightfoots LLP forward a copy of the mortgage offer, mortgage deed, any deeds of consent and mortgage terms & conditions to the applicant s solicitor. Following receipt of all required information from the applicant s solicitor, Lightfoots LLP will review and raise any enquiries where documents do not comply with our requirements. Lightfoots LLP will submit the Certificate of Title to the Bank. We will release funds to Lightfoots LLP. The applicants solicitor will request any balance of funds from Lightfoots LLP. Lightfoots LLP will deal with registration at Land Registry. THIS INFORMATION IS FOR INTERMEDIARIES ONLY Page 4 of 8
3. Remortgage Applications Optima Legal must be used for all remortgages. Optima Legal will act on behalf of the bank only and will not provide your applicant with any legal representation. If the applicants would like their own representation, they can seek independent legal advice via an alternative solicitor at their own cost. 3.1 Fees Assisted Re-mortgages Secure Trust Bank offer a free standard legal service on all remortgages for UK residents on properties located in England and Wales. We will pay the basic legal costs on a standard transaction on registered land. The applicant(s) will be responsible for paying anything above this, which may include: Any charges from an existing lender upon redemption of a mortgage Any third party costs or related disbursements for leasehold properties Any non-standard work carried out beyond the checks ordinarily required Transfers of equity (single to joint or joint to single borrowers) Deeds of Postponement Telegraphic Transfer of funds to any first or subsequent mortgage lender upon mortgage redemption Telegraphic Transfer of any surplus funds in accordance with your instructions Extra work involved in dealing with an unregistered title Transfer of share Licence to assign Searches / Special reports Redeeming an existing Help to Buy charge Electronic ID checks VAT and disbursements where applicable Charges for postponing second or subsequent charges This list is not exhaustive and other charges may apply. Before any charges are incurred Optima Legal will advise the applicant(s) of any additional work required and give a price for work involved; no work will commence until the applicant(s) have given approval. THIS INFORMATION IS FOR INTERMEDIARIES ONLY Page 5 of 8
4. Walkthrough Guide 4.1 Selecting a Panel Solictor In order to select a solicitor you are required to provide the solicitor s company name and postcode. Our preferred solicitor for purchase applications is Lightfoots LLP (Postcode: OX9 2BX) who can act under joint representation on behalf of your applicant and the bank. We work closely with them and they offer fixed fees for a standard purchase. THIS INFORMATION IS FOR INTERMEDIARIES ONLY Page 6 of 8
4.2 Selecting Remortgage Optima Legal (Postcode: LS2 8AE) must be selected for all remortgages. Optima Legal will act on behalf of the bank only and will not provide your applicant with any legal representation. If the applicants would like their own representation, they can seek independent legal advice via an alternative solicitor at their own cost. THIS INFORMATION IS FOR INTERMEDIARIES ONLY Page 7 of 8
4.3 How to add a solicitor that wishes to apply for addition to the panel In order to select a solicitor you are required to provide the solicitor s company name and postcode. The results will be displayed once you ve selected the correct solicitor. However if the solicitor does not exist you can alternatively select Enter own solicitor. Please ensure that you read and accept the declaration. Get honest answers on 0330 303 3495 or visit us at securetrustbank.com/intermediaries THIS INFORMATION IS FOR INTERMEDIARIES ONLY STBMO005_0317