Co operative Bank Conveyancing Panel Information

The CML, along with Co operative Bank and other lenders developed a standard set of instructions where a conveyancer is representing a lender such as Co operative Bank alone in a residential conveyancing matter. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed together with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

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

• Number of conveyancing cases by lender
• 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
• Buy to Let transactions

During 2013, 181 sections of the UK Finance Lenders’ Handbook P2 were changed by Co operative Bank. Some changes are more important than others but as a firm on the Co operative Bank 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 Co operative Bank conveyancing panel to see if you are entitled to a reason.

The best placed professionals to answer this question are your insurance brokers. 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 need to contact Co operative Bank to obtain standard documents. The CML Handbook has a specific inquiry for lenders to set out who to contact to obtain standard documents. Co operative Bank in their Part 2’s state: You will need to quote the firm’s Co operative Bank solicitors panel reference.