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approved by Co Op Bank
Ready to buy a new home? Failing to check that a lawyer is on the Co Op Bank list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Co operative Bank plc Conveyancing Panel? How can my firm be reinstated onto the Co operative Bank plc Conveyancing Panel?Find an Approved Solicitor on the Co operative Bank plc Conveyancing Panel
Q and A’s regarding the Co operative Bank Conveyancing Panel
My wife and I are novices when it comes to buying a property. Within the 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Co operative Bank have this morning contacted us to advise us that there is now an issue as our solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact Co operative Bank and see if they can apply for membership of the Co operative Bank conveyancing panel, but if that is not viable Co operative Bank will instruct their own solicitors to act. You don't have to instruct a firm on the Co operative Bank conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am due to move into my new home next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Co operative Bank. What does the insurance need to cover?
Any lawyer on the Co operative Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Co operative Bank’s Part 2 requirements of the CML Handbook (last updated on Co operative Bank). Being on the Co operative Bank conveyancing panel your lawyer is expect to follow these requirements.
I am looking to buy a property and need a conveyancing solicitor in London who is on the Co operative Bank approved. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co operative Bank . We don’t recommend any particular firm.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Co operative Bank Solicitor panel in advance of the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is there a list of Co operative Bank panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I am currently in the process of buying my council flat. I have a mortgage agreed with Co operative Bank. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Co operative Bank you will need to appoint a solicitor on the Co operative Bank conveyancing panel.
Co operative Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Co operative Bank or your broker and complete any relevant paperwork. Co operative Bank will tell you what documents they want. Co operative Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Co operative Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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