Find an Approved Solicitor on the Co operative Bank plc
Co operative Bank Conveyancing Panel Example Support Desk Enquires
My husband and I are FTBs. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Co operative Bank have this morning contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Co operative Bank and see if they can apply for membership of the Co operative Bank conveyancing panel, but if that is not viable Co operative Bank will instruct their own solicitors to act. You don't have to instruct a firm on the Co operative Bank conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am due to move into my new home next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Co operative Bank. What does the insurance need to cover?
Any lawyer on the Co operative Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Co operative Bank’s Part 2 requirements of the CML Handbook (last updated on Co operative Bank). Being on the Co operative Bank conveyancing panel your lawyer is expect to follow these requirements.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Co operative Bank conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Co operative Bank ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am buying a terraced house and getting a mortgage with Co operative Bank. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Co operative Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Co operative Bank conveyancing panel in your location.
I previously instructed online conveyancers based in Cardiff who are on the Co operative Bank solicitor panel. They are now charging me a separate fee of £195 for the legal aspects of the Co operative Bank mortgage. Is this a supplemental conveyancing fee specified by Co operative Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Co operative Bank but by your lawyers. Some firms on the Co operative Bank will charge an ‘acting for lender’ fee and others do not.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co operative Bank be concerned
As you are obtaining a mortgage with Co operative Bank your lawyer must to check the Co operative Bank conveyancing instructions contained in the Part of CML Handbook for Co operative Bank . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Co operative Bank where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
My existing mortgage is with Co operative Bank. My uncle has just retired and wants to pay off my mortgage. After Co operative Bank is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Co operative Bank conveyancing panel? I do not intend to live at the property once the Co operative Bank mortgage is discharged.
will need a solicitor but they need not be on the Co operative Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.