Co operative Bank Conveyancing Panel Information

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Co operative Bank conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Charge registration history

List of all Licensed Conveyancers within firm

Whether the firm has ever applied for accreditation and the outcome of the application

SRA or equivalent regulator registration number where applicable

Summary of annual accounts

Whether the firm is able to operate in other jurisdictions

Full disciplinary history for each conveyancing solicitor

House price discrepancies (declared to lender vs. registered at Land Registry)

List of all those who fund the firm, including non-lawyers if applicable

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

As is the case with the Law Society the CLC has entered dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Co operative Bank in recent years.

In order to be on the Co operative Bank conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Co operative Bank) are as follows:

• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.

Co operative Bank approved solicitors have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Co operative Bank require, the deed of covenant on their behalf. You will need to check Co operative Bank CML Part 2 conditions to see if Co operative Bank have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Co operative Bank conveyancing panel

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Co operative Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should contact Co operative Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for lenders to cite who to contact to obtain standard documents. Co operative Bank in their Part 2’s state: It is likely that you will need to quote the firm’s Co operative Bank solicitors panel number.