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9. CERTIFICATE OF TITLE (COT)
9.1 Why do you need to provide a COT?
One of the Bank's conditions precedents (CPs) for completion is for the Client's Solicitor to provide a signed COT in the form that has been sent to you by the Bank's solicitors.
As you are aware, in a conventional setting, you would have the same firm representing client and bank. In the usual way, you would submit a COT to the conventional bank to request drawdown of funds. In Home Purchase Plans and Buy-To-Let Purchase Plans structures, due to the involvement of a lease and the landlord and tenant relationship between the Bank and the Client, each party must be separately represented to avoid any conflicts of interest. Essentially, this is a form of hybrid representation whereby the Bank’s solicitor's involvement is required to ensure compliance with the SRA Code of Conduct as well as monitor satisfaction of the finance CPs in favour of the Bank.
The COT will be reviewed by the Bank's solicitors who will prepare an overview report on the security to the Bank including reference to the other documents requested from you.
The Bank's solicitors do not undertake any property due diligence nor are they instructed to do so and therefore they cannot and will not provide the COT.
9.2 Who is required to sign the COT?
The COT must be signed by a solicitor or Licenced Conveyancer (being a partner employed in your practice) who will be deemed authorised to sign it.
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