Coutts & Co Conveyancing Panel Information

We only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain threshold. 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

The answer to this question really depends on the reason that your firm has been removed off the Coutts & Co conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the COLP you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Coutts & Co conveyancing panel.

During 2013, 77 sections of the UK Finance Lenders’ Handbook P2 were changed by Coutts & Co. Some changes are more important than others but as a firm on the Coutts & Co conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Coutts & Co conveyancing panel to see if you are entitled to a reason.

In the circumstances please clarify on the form what action 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 revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You should contact Coutts & Co to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit inquiry for banks to establish who to contact to obtain standard documents. Coutts & Co in their Part 2’s state: Don’t forget to disclose the firm’s Coutts & Co conveyancing panel number.