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I am selling my house and the EA has just telephoned to advise that the purchasers are swapping solicitor. The reason given is that Coutts & Co will only deal with property lawyers on their approved list. Why would a major mortgage company only engage with certain solicitors?
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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders 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 being contacted daily by practices 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.
I am purchasing a newly built apartment and my lawyer is informing me that she is duty bound to disclose incentives from the developer as her firm is on the Coutts & Co conveyancing panel. I am on a tight deadline to sign contracts and I would rather not delay matters. Can I insist on an exchange regardless of what my lawyer says about being on the Coutts & Co panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Coutts & Co approved panel is to comply with the CML Handbook requirements (last updated for this lender on Coutts & Co). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I require the services of a Coutts & Co panel solicitor in Belfast. Can you assist?
It is not clear why you need a Coutts & Co panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Coutts & Co to find out which solicitors in Coutts & Co are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
We're in Wales, First time buyers purchasing with a mortgage (lender is Coutts & Co , but our lawyer is on the Coutts & Co conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coutts & Co conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
When it comes to mortgage companies such as Coutts & Co do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We have agreed a price on a apartment I spoke to a solicitor previously used by my mum and he recommended retaining a law firm approved by Coutts & Co. The estate agent recommended two local firms so I asked Coutts & Co if the 2 suggested solicitors are approved, which they are not. Coutts & Co pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Coutts & Co 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Coutts & Co for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Coutts & Co 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 Coutts & Co conveyancing panel as it may only take about 2-3 weeks. As long as they meet Coutts & Co’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.
I am selling my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Coutts & Co are being a right pain. The solicitor who is on the Coutts & Co conveyancing panel is saying indemnity insurance will be fine but Coutts & Co are insisting on a building regulation certificate. Why do Coutts & Co have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Coutts & Co have referred the matter to their valuer. The reason why Coutts & Co may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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