Coutts Finance Conveyancing Panel Information

This not something that the CML would traditionally get involved with however they do host numerous useful conveyancing related conferences which are attended by firms on the Coutts Finance conveyancing panel. It is our intention to run specific lender focused seminars in the coming months including a webinar on Coutts Finance’s Part 2 obligations. Solicitors on the Coutts Finance conveyancing panel are welcome. Further details will be made available as part of the LENDERmonitor P2 change Notifications.

Paragraph 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Coutts Finance conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

There are many reports available, five of which are as follows:

• Buy to Let transactions
• Average time frame to register charges at the Land Registry
• Number of conveyancing cases by lender
• Evidence of undertaking logs
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data

You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Coutts Finance immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Coutts Finance’s mortgage offer are correct. If they are not, please let Coutts Finance know as soon as possible as it will be necessary for Coutts Finance to check with the valuer whether the valuation needs to be revised. Coutts Finance conveyancing panel solicitors are not expected to assume the role of valuer. Coutts Finance are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Coutts Finance recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Coutts Finance recommend that, if we send a copy of a valuation report that Coutts Finance have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Coutts Finance or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Coutts Finance conveyancing panel

The best placed professionals to answer this question are your insurance brokers. 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 Coutts Finance solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should communicate with Coutts Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual question for banks to set out who to contact to obtain standard documents. Coutts Finance in their Part 2’s state: Don’t forget to disclose your Coutts Finance solicitors panel reference.