Coutts & Co Conveyancing Panel Information

Lexsure only know of a couple of banks that operate a distinct conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with Coutts & Co. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Coutts & Co

In the same way that there is a unique Coutts & Co conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

You need to be careful here as what you are proposing may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

There are various requirements 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. Thirdly, 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 comprehensive 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

In the circumstances please explain on the application what steps you have taken to find out the reasons behind cancellation of your Coutts & Co panel membership. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to communicate with Coutts & Co to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for banks to set out who to contact to obtain standard documents. Coutts & Co in their Part 2’s state: Please remember to quote your Coutts & Co solicitors panel number.