Coutts & Co Conveyancing Panel Information

The CML is an association rather than a regulator and therefore will not investigate complaints against lenders. You can of course contact Lexsure to see if we can assist.

In operating open conveyancing panels, lenders such as Coutts & Co face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Coutts & Co and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 & Co 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 & Co’s mortgage offer are correct. If they are not, please let Coutts & Co know as soon as possible as it will be necessary for Coutts & Co to check with the valuer whether the valuation needs to be revised. Coutts & Co conveyancing panel solicitors are not expected to assume the role of valuer. Coutts & Co are simply trying to ensure that the valuer has valued the property based on correct information. (III) Coutts & Co 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 & Co recommend that, if we send a copy of a valuation report that Coutts & Co 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 report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Coutts & Co 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 & Co conveyancing panel

14 people search for a solicitor on the Coutts & Co panel every 4 weeks in Hendon. The lenderpanel directory service team who will show you how your firm can be listed by those searching for conveyancing in Hendon.

In this situation please explain on the form what steps you have taken to find out the reasons behind cancellation of your Coutts & Co panel status. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to contact Coutts & Co to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit inquiry for lenders to cite who to contact to obtain standard documents. Coutts & Co in their Part 2’s state: Always remember to quote the firm’s Coutts & Co conveyancing panel reference.