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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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Q and A’s regarding the Coutts & Co Conveyancing Panel
My fiance and I are buying a 2 bedroom apartment in Leeds with a mortgage from Coutts & Co. We would like to retain our solicitor but Coutts & Co says he's not on their "panel". We have to appoint one of the Coutts & Co panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Coutts & Co use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Coutts & Co conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Coutts & Co
My lawyer has identified a discrepancy between the assumptions in Coutts & Co’s valuation report and what is in the title deeds. My lawyer has advised that as he is on the Coutts & Co conveyancing panel he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
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) 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 you.
I am buying a property and need a conveyancing solicitor in Leeds who is on the Coutts & Co conveyancing. Can you recommend a local conveyancing 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.
We're in Birmingham, First timers buying 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
Are all Conveyancing Quality Solicitors on the Coutts & Co conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
In what circumstances might Coutts & Co amend or withdraw their mortgage offer?
Lenders such as Coutts & Co can revoke their mortgage offer although this rarely happens. If Coutts & Co withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
- Coutts & Co may amend or withdraw an offer if the Coutts & Co conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the borrower informs Coutts & Co of a change in the loan amount agreed
- Where to proceed with the Mortgage offer would be unlawful
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
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 Building Society 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