Coutts & Co Solicitor Panel Recently Asked Questions from members of the public
Can you please explain the reason why all UK lawyers are not on the Coutts & Co Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
I am buying a newly built duplex and my solicitor is informing me that she has to reveal incentives from the developer as her practice is on the Coutts & Co conveyancing panel. I am under pressure to sign contracts and my preference is not to delay matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Coutts & Co approved panel is to comply with the CML Handbook requirements (last updated for this lender on Coutts & Co). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How up to date is your search tool for the Coutts & Co conveyancing panel? Do Coutts & Co send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Coutts & Co conveyancing panel as opposed to being supplied with a list from Coutts & Co directly.
Can you clarify what the consequences are if my solicitor is removed from the Coutts & Co Solicitor panel before the moving date as agreed at exchange of contracts?
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.
Planning on purchasing a flat with a mortgage with Coutts & Co. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coutts & Co conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Coutts & Co conveyancing panel
After shopping around on the internet I have found a solicitor having checked that they are on the Coutts & Co conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Coutts & Co conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coutts & Co will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coutts & Co will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Coutts & Co you could contact your them to see if they have a list of approved surveyors.
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.