Co operative Bank Conveyancing Panel Information

There are many reports available, five of which are as follows:

• Buy to Let transactions
• Evidence of undertaking logs
• Average mortgage advance
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Number of conveyancing cases by lender

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Co operative Bank conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.

On the basis that your firm in is on the Co operative Bank conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Co operative Bank are to lend, they may require indemnity insurance. In any event,you will need to check Co operative Bank’s specific requirements. Notwithstanding whether Co operative Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Co operative Bank alone) as to the risks of buying a property with an insolvent or absentee freeholder.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Co operative Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to communicate with Co operative Bank to obtain standard documents. The CML Handbook has an express section for banks to enumerate who to contact to obtain standard documents. Co operative Bank in their Part 2’s state: Always remember to disclose the firm’s Co operative Bank conveyancing panel number.