Coutts Finance Conveyancing Lender Panel Compliance Tool

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

This system is the only way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Coutts Finance’s changes. Even though utilising the tool is not a condition for acceptance on the Coutts Finance panel, demonstrating you can remain up to date with Coutts Finance’s Handbook requirements is an excellent support to your application to their lender panel and, more importantly, safeguard your panel standing.

The software creates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. In addition it is simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by Coutts Finance

Banks and building societies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Coutts Finance 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, Coutts Finance has made 95 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 28.7 days. In total, 41% of the sections of P2 of the UK Finance Lenders’ Handbook for Coutts Finance have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Q and A’s regarding the Coutts & Co Solicitor Panel from members of the public

My property lawyer is not listed on the Coutts & Co Approved Panel. Is it possible for me to use my family solicitor even though they are not on the Coutts & Co list of approved lawyers?
You have a number of options available to you here:
  1. Carry on with your existing lawyers but Coutts & Co will need to instruct a lawyer on the Coutts & Co conveyancing panel. This will result in additional cost and potential delay.
  2. Get a new solicitor to act in the purchase, obviously checking they are on the Coutts & Co conveyancing panel.
  3. Convince your lawyer to do everything within their powers to join the Coutts & Co conveyancing panel
I do hope you can help me. My lawyer is advising me that he has to order a Local Authority search because the firm are on the Coutts & Co solicitor panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Coutts & Co your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Coutts & Co’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Coutts & Co. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
What tools are available to search for a local solicitor on the Coutts & Co conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the lawyer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Coutts & Co solicitor panel.
Please explain the implications if my solicitor is removed from the Coutts & Co Solicitor panel before the completion date?
First, 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 at a cost.
Last month we had a mortgage agreed in principle with Coutts & Co. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Coutts & Co?
There is no definitive answer here. Have Coutts & Co done the valuation? Have you advised Coutts & Co as your lawyers details and checked that your lawyer is on the Coutts & Co conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
We expect to receive a DIP from Coutts & Co this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Coutts & Co recommend a solicitor on the Coutts & Co conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Coutts & Co conveyancing panel. The solicitor represents both you and the Coutts & Co through the process.
Coutts & Co have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Coutts & Co or your broker and complete any relevant paperwork. Coutts & Co will tell you what documents they want. Coutts & Co will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Coutts & Co will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.