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approved by Coutts & Co
Ready to buy a new home? Failing to check that a lawyer is on the Coutts & Co list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Coutts Conveyancing Panel? How can my firm be reinstated onto the Coutts Conveyancing Panel?Find an Approved Solicitor on the Coutts Conveyancing Panel
Q and A’s regarding the Coutts & Co Solicitor Panel
I am in the process of selling my house and the estate agent has just telephoned to warn that the purchasers are switching property lawyer. The excuse is that Coutts & Co will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with specific law firms?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are getting closer to an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Coutts & Co. I am advised that, being on the Coutts & Co conveyancing panel and acting on their behalf he must inform Coutts & Co if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Coutts & Co to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Coutts & Co if you agree, failing which, your lawyer must cease to continue acting.
I am buying a property and require a conveyancing solicitor in London who is on the Coutts & Co approved. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Coutts & Co . We don’t recommend any particular firm.
I am considering applying for a Coutts & Co mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coutts & Co?
There is nothing to stop you using your solicitor but Coutts & Co will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Coutts & Co conveyancing panel requirements are different to Coutts & Co’s conveyancing panel requirements.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Coutts & Co. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Coutts & Co involved you will need to appoint a solicitor on the Coutts & Co conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Coutts & Co. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Coutts & Co conveyancing panel.
Intending to buy a flat with a mortgage with Coutts & Co. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coutts & Co conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Coutts & Co conveyancing panel
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