Frequently asked questions relating to the Coutts & Co Solicitor Panel from members of the public
A lawyer my fiance and I wanted to use for conveyancing on a purchase said she would charge more if my lender is due to their unusual legal requirements. Am I likely to be frustrated using Coutts & Co? Is Coutts & Co conveyancing so much more difficult?
Coutts & Co conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Coutts & Co conveyancing panel. If they are not, this does add further risk of delay as Coutts & Co will appoint their own solicitors to look after their interest.
We are getting closer to an exchange and my parents 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 Coutts & Co. Apparently, being on the Coutts & Co conveyancing panel and acting on their behalf he must inform Coutts & Co if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Coutts & Co 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 Coutts & Co if you agree, failing which, your lawyer must cease to continue acting.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Coutts & Co conveyancing panel?
The firms 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.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Coutts & Co , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Coutts & Co will insist on your using a conveyancer on the Coutts & Co conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coutts & Co conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coutts & Co mortgage is registered as a charge at the Land Registry.
What are the common reasons for a lender such as Coutts & Co to withdraw a mortgage offer?
Banks and Building Societies such as Coutts & Co can revoke their mortgage offer although this is unusual. should Coutts & Co withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender has to take account a recent change in taxation
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
- If the solicitor on the Coutts & Co conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Coutts & Co ‘s instructions
I am currently in the process of buying my council flat. I have a mortgage offer with Coutts & Co. Conveyancing is not something I have any knowledge of. 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.
The for formalities of my purchase has taken place with a mortgage from Coutts & Co. Conveyancing was of an acceptable standard but I would like to complain about Coutts & Co. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the Coutts & Co branches or the Customer Services Department at Coutts & Co head office. In most cases complaints to Coutts & Co are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
