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Ready to buy a new home? Failing to check that a lawyer is on the Coutts & Co list of approved solicitors can put your transaction at risk of delay or failure.
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Q and A’s regarding the Coutts & Co Conveyancing Panel
My husband and I are purchasing a 2 bedroom flat in Newcastle with a mortgage from Coutts & Co. We like our lawyer but Coutts & Co says he's not on their "panel". It seems we have little choice but to instruct one of the Coutts & Co panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Coutts & Co use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Coutts & Co conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Coutts & Co
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Coutts & Co. I am advised that, being on the Coutts & Co conveyancing panel and acting on their behalf he must inform Coutts & Co if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Coutts & Co to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Coutts & Co if you agree, failing which, your lawyer must cease to continue acting.
How up to date is your search tool for the Coutts & Co conveyancing panel? Do Coutts & Co send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Coutts & Co conveyancing panel as opposed to being supplied with a list from Coutts & Co directly.
What happens if my lawyer’s firm is expelled from the Coutts & Co Conveyancing panel in advance of completion?
First, this is a very rare occurrence. 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 at a cost.
When it comes to mortgage companies such as Coutts & Co do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We have a mortgage agreed in principle with Coutts & Co. Solicitors have been chosen? How long does it take for Coutts & Co to send the offer to our conveyancer
Some lenders take longer than others. Have Coutts & Co completed the survey? Have you advised Coutts & Co as your lawyers details and checked that your lawyer is on the Coutts & Co conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Intending to buy a flat with a mortgage with Coutts & Co. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coutts & Co conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Coutts & Co conveyancing panel
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