Common questions asked concerning the Coutts & Co Conveyancing Panel from members of the public
My fiance and I are purchasing a 1 bedroom apartment in Hackney with a mortgage from Coutts & Co. We like our solicitor but Coutts & Co says she’s not on their "panel". It seems we have little choice but to instruct one of the Coutts & Co panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Coutts & Co use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Coutts & Co conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Coutts & Co
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Coutts & Co will not agree to this. Why was Coutts & Co even consulted?
Your lawyer being on the Coutts & Co conveyancing panel is duty bound to inform Coutts & Co of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Coutts & Co then they would have to discontinue acting for you and Coutts & Co.
I need to find a Coutts & Co panel solicitor in Inverness. Could you help me?
It is not clear why you need a Coutts & Co panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Coutts & Co to find out which solicitors in Coutts & Co are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am selling my house. Does my solicitor have to be on the Coutts & Co conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Coutts & Co conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Coutts & Co conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
My existing mortgage is with Coutts & Co. My grandfather has just retired and wants to pay off my mortgage. After Coutts & Co is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Coutts & Co conveyancing panel? I do not intend to live at the property once the Coutts & Co mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Coutts & Co panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I am currently in the process of buying my council flat. I have a mortgage offer with Coutts & Co. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Coutts & Co you will need to appoint a solicitor on the Coutts & Co conveyancing panel.