Co operative Bank Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and professional indemnity insures. COMPLETIONmonitor is a unique risk mitigation tool.

This system optimises the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with alerts on Co operative Bank’s changes. Notwithstanding that using the tool is not a prerequisite for Co operative Bank , demonstrating you can stay up to date with Co operative Bank’s Handbook requirements is an excellent support to your panel application and, more importantly, protect your panel standing.

The software generates real-time alerts, automatically produces compliance and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, results in reduced PII premiums.

Find a Law Firm approved by Co operative Bank

Banks and building societies often change their requirements. The UK Finance Lenders’ Handbook requirements from Co operative Bank are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, Co operative Bank has made 598 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 4.6 days. In total, 72% of the sections of P2 of the UK Finance Lenders’ Handbook for Co operative Bank have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
16.1.1 17/07/2016 CML
10.11 04/04/2016 CML
1.11b 04/04/2016 CML
16.5.2 04/04/2016 CML
16.5.3a 04/04/2016 CML
4.5a 04/04/2016 CML
6.14.1a 01/12/2014 CML
3.1.3 01/12/2014 CML
5.20.1 12/09/2012 CML
5.20.3 12/09/2012 CML

Last update 18/09/2019

FAQs : The Co operative Bank Conveyancing Panel from members of the public

My Conveyancer is not on the Co operative Bank Conveyancing Panel. Can I still continue with my family solicitor even though they are not on the Co operative Bank approved list?
You will need to have a conveyancer complete the legal work required when you take out a Co operative Bank mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Co operative Bank conveyancing panel additional costs will be incurred as separate legal representation will be required by Co operative Bank. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Our conveyancer has identified a problem with the lease for the apartment we are buying. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the Co operative Bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Co operative Bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Co operative Bank are the client. 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 Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Co operative Bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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 require the services of a Co operative Bank panel solicitor in Stirling. Can you assist?
It is not clear why you need a Co operative Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Co operative Bank to find out which solicitors in Co operative Bank 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
Can you clarify what the consequences are if my lawyer’s firm is removed from the Co operative Bank Conveyancing panel prior to the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you point me to a directory of Co operative Bank panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I had instructed online conveyancers based in Bristol who are on the Co operative Bank solicitor panel. They are now charging me a separate fee of £195 for dealing with 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.
After shopping around on the internet I have found a solicitor having made sure that they are on the Co operative Bank conveyancing panel. Does my lawyer arrange the survey of the property? Or I've digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Co operative Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Co operative Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co operative Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Co operative Bank you could contact your them to see if they have a list of approved surveyors.