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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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Q and A’s regarding the Co operative Bank Solicitor Panel
My husband and I are buying a 2 bedroom apartment in Newcastle with a mortgage from Co operative Bank. We would like to retain our lawyer but Co operative Bank says she’s not on their "panel". It seems we have little choice but to instruct one of the Co operative Bank panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Co operative Bank 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 Co operative Bank 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 Co operative Bank
My conveyancer has informed me that he requires ID documents saying that this forms part of his requirements as a conveyancer on the Co operative Bank Solicitor panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Co operative Bank your lawyer also has to check ID documents to satisfy Co operative Bank
I see that you have a post code search directory identifying law firms on the Co operative Bank conveyancing panel. Do firms pay you a referral fee if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Co operative Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
The firm that I appointed last week on my purchase in London has without warning shut down. I only went with them because I had to have a solicitor on the Co operative Bank conveyancing panel and my preferred lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Co operative Bank conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help
Do conveyancing solicitors on the Co operative Bank conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Co operative Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Co operative Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Co operative Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
Me and my partner are acquiring a garden flat in Hendon. Conveyancing solicitors in Hendon are about to beretained. My agentadvised that we enquire that the conveyancer in Hendon is on the Co operative Bank approved list of lawyers. Aren't all lawyers on the Co operative Bank panel?
Far from all Hendon conveyancing solicitors are on the Co operative Bank conveyancing panel. 7 people a month use our search tool to locate a Hendon conveyancing practitioner on the on the Co operative Bank panel.