Q and A’s regarding the Co operative Bank Solicitor Panel
from members of the public
For what reasons could a firm of solicitors be removed from the Co operative Bank solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Co operative Bank
Expecting to move into my new home next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Co operative Bank. What does the insurance need to cover?
All property lawyers on the Co operative Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Co operative Bank’s Part 2 requirements of the CML Handbook (last updated on Co operative Bank). Being on the Co operative Bank conveyancing panel your lawyer is expect to follow these instructions.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Co operative Bank conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am purchasing a new build flat and getting a mortgage with Co operative Bank. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Co operative Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Co operative Bank conveyancing panel in your location.
When it comes to lenders such as Co operative Bank 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.
My brother and I have had an offer accepted on a house I spoke to a conveyancer recommended by my uncle and he advised instructing 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.
My husband and I are spending time looking at flats and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Co operative Bank
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. 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.