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approved by Co Op Bank
Ready to buy a new home? Failing to check that a lawyer is on the Co Op Bank list of approved solicitors can put your transaction at risk of delay or failure.
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A conveyancer I wanted to use for conveyancing on a purchase said she would charge more if my lender is because of their difficult processes! Am I likely to be frustrated using Co operative Bank? Is Co operative Bank conveyancing so much more difficult?
Co operative Bank conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Co operative Bank conveyancing panel. If they are not, this does add further risk of delay as Co operative Bank will appoint their own solicitors to look after their interest.
I am purchasing a newly constructed duplex and my conveyancer is informing me that she has to disclose incentives from the developer as her firm is on the Co operative Bank conveyancing panel. I am nearing the developer’s deadline to exchange contracts and my preference is not to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Co operative Bank conveyancing panel solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Leeds so that I can pop in to their offices if necessary.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Leeds .
My aunt passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Co operative Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Co operative Bank will insist on your using a conveyancer on the Co operative Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co operative Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co operative Bank mortgage is registered as a charge at the Land Registry.
I am buying a property where 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?
Given that 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. Requirements for Scotland are due in the near future.
I have had an offer accepted on a house I spoke to a lawyer recommended by my mum and he recommended retaining a solicitor approved by Co operative Bank. The estate agent recommended two local firms so I asked Co operative Bank if the 2 suggested solicitors are approved, which they are not. Co operative Bank suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Co operative Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Co operative Bank to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Co operative Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Co operative Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Co operative Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Co operative Bank on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Co operative Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Co operative Bank panel she or he must comply with the CML Handbook requirements for Co operative Bank. Unless your lawyer obtains specific confirmation in writing that Co operative Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Co operative Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.