Co operative Bank Solicitor Panel Example Support Desk Enquires
from members of the public
I am progressing with the sale of my apartment and the EA has just e-mailed to say that the purchasers are changing their property lawyer. The reason given is that Co operative Bank will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only work 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise 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 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.
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Co operative Bank. I am advised that, being on the Co operative Bank conveyancing panel and acting on their behalf he must inform Co operative Bank if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Co operative Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Co operative Bank if you agree, failing which, your lawyer must cease to continue acting.
I am looking for conveyancing quotes online. Can I be sure that all the firms that are identified on your website are on the Co operative Bank conveyancing panel?
The law firms on our directory have assured us via an online form 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 mortgage company or a member of the public that the data about a specific firm being on the Co operative Bank conveyancing panel is not accurate.
I am buying a new build flat and getting a mortgage with Co operative Bank. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
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.
Are all Conveyancing Quality Solicitors on the Co operative Bank conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Co operative Bank conveyancing panel requirements are different to Co operative Bank’s conveyancing panel requirements.
What are the common reasons for a lender such as Co operative Bank to withdraw a mortgage offer?
Banks and Building Societies such as Co operative Bank can withdraw their mortgage offer although this is unusual. If Co operative Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
Many mortgage offers have an expiry date. Your lawyer should check this. Co operative Bank may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
If the financial circumstances of the borrower have changed to the detriment and the Co operative Bank has been notified
A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
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;