Examples of recent questions relating to the Co operative Bank Conveyancing Panel from members of the public
I am selling my apartment and the EA has just telephoned to say that the purchasers are swapping conveyancer. The excuse is that Co operative Bank will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific lawyers?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason 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 hearing daily from firms 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.
My solicitor has spotted an inconsistency when comparing the assumptions in Co operative Bank’s valuation report and what is revealed within the title deeds. My lawyer has advised that as he is on the Co operative Bank conveyancing panel he is obliged to check that the lender is with this discrepancy and is still content to lend. Is my solicitor’s course or action legitimate?
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) 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 both parties.
I have been searching for online conveyancing estimates. Can I be assured that all the firms that are identified on your website are on the Co operative Bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Co operative Bank panel and agreed to advise us to take down their listing in the event of removal off of the Co operative Bank panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Co operative Bank conveyancing panel is not accurate.
My conveyancers in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Co operative Bank. Is it case that being on the Co operative Bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Co operative Bank Conveyancing Panel Terms. It might be worth you contacting Co operative Bank directly.
Last month we had a mortgage agreed in principle with Co operative Bank. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Co operative Bank?
There is no definitive answer here. Have Co operative Bank completed the valuation? Have you advised Co operative Bank as your lawyers details and checked that your lawyer is on the Co operative Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
In what circumstances might Co operative Bank amend or withdraw their mortgage offer?
Banks and Building Societies such as Co operative Bank can withdraw their mortgage offer although this rarely happens. If Co operative Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender has to take account a recent change in law
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
- If the solicitor on the Co operative Bank conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Co operative Bank ‘s instructions
My husband and I are at the point of looking at flats and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage with Co operative Bank
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. 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.