Coutts Finance Conveyancing Panel Information

The Council of Mortgage Lenders (or the BSA) do not involve themselves in training although they do provided numerous general conveyancing related conferences which are attended by firms on the Coutts Finance conveyancing panel. We do intend to run specific lender focused seminars in the near future including a webinar on Coutts Finance’s Part 2 obligations. Solicitors on the Coutts Finance conveyancing panel are welcome. Further details will be made available as part of the LENDERmonitor P2 change Notifications.

The CML, together with Coutts Finance and other lenders developed a standard set of instructions where a conveyancer is acting for a lender such as Coutts Finance alone in a residential conveyancing matter. These obligations are contained at Part Three of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. The CML have published an example requirements letter to the borrower’s lawyer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

Coutts Finance approved solicitors are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Coutts Finance require, the deed of covenant on their behalf. You will need to check Coutts Finance CML Part 2 conditions to see if Coutts Finance have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Coutts Finance conveyancing panel

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 Coutts Finance solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to communicate with Coutts Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for lenders to enumerate who to contact to obtain standard documents. Coutts Finance in their Part 2’s state: It helps to disclose your Coutts Finance conveyancing panel reference.