Coutts & Co Conveyancing Panel : Questions and Answers from members of the public
I am in the process of selling my apartment and the estate agent has just e-mailed to advise that the purchasers are changing their solicitor. I am told that this is due to the fact that Coutts & Co will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise 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 being contacted daily by practices 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.
Our son-in-law is in the process of securing a new build apartment with a home loan from Coutts & Co. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coutts & Co conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coutts & Co conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I need to find a Coutts & Co panel solicitor in Stirling. 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 was expecting to complete on my first house last Thursday. My lawyer’s firm is on the Coutts & Co solicitors panel but has moved offices in the past couple of months and had not advised Coutts & Co of their new address. Coutts & Co is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Coutts & Co branch or your mortgage broker to see if they can assist.
Are all Conveyancing Quality Solicitors on the Coutts & Co conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is 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.
How can we tell if a solicitor on the Coutts & Co panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your transaction
For 5 years I had a mortgage with Coutts & Co. My father retired last week and wants to pay off the mortgage left on the property. 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.
You
will need a solicitor but they need not be on the Coutts & Co conveyancing 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. There's no capital gains tax for you as it is
your main residence.
