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Co operative Bank Conveyancing Panel : Questions and Answers
My fiance and I are first time buyers. Within the 48 hours our lawyer 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 there is now an issue as our conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance 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 Accreditation 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the Co operative Bank conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My lawyer has discovered a discrepancy between the information in Co operative Bank’s home valuation survey and what is revealed within the title deeds. My lawyer says that as he is on the Co operative Bank conveyancing panel he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
A precondition to being on the Co operative Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Co operative Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I have to pop into the offices of the Co operative Bank conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Leeds
so that I can attend their offices if required.
Most conveyancing panel lawyers for Co operative Bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I was scheduled to complete on my flat last Thursday. My lawyer’s firm is on the Co operative Bank conveyancing panel but has changed address 8 weeks ago and had not advised Co operative Bank of their new address. Co operative Bank is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Co operative Bank branch or your mortgage broker to see if they can help.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Co operative Bank have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is 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. Requirements for Scotland are due in the near future.
My husband and I are in the process of looking at flats and am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Co operative Bank
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Co operative Bank , ask your prospective lawyers check they are on the Co operative Bank conveyancing panel otherwise they can't do the mortgage legal work.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Co operative Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Co operative Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Co operative Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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