The synthesis, structural characterization, and magnetic behavior of a new family of binuclear Co-III-Ln(III) complexes of formula [Ln(III)Co(II)L(2)(NO3)(3)]center dot H2O (Ln = La, 1; Gd, 2; Tb, 3; Dy, 4; Ho, 5; HL = 3-methoxy-N-(2-(methylsulfanyl)phenyl)salicylaldimine) have been reported. The chosen ligand system HL has adjacent soft ONS and hard OO binding pockets ideal for selective coordination of Co-II and 4f metal ions. All the complexes 1-5 exhibit a Co-II center in a highly distorted octahedral geometry with the Ln(III) centers in bicapped square-antiprism geometry. The unique distortion about the Co(II )center is introduced by the coordination of 4f metal ions in the hard OO coordination site. The distortion is further supported by the presence of -SMe groups giving an S donor atom which owing to its larger size can support large bond distances and angles. The geometry around the Co-II centers is intermediate between meridional and facial geometric isomers. The magnetic properties of these complexes have been investigated by a "full model" approach using CONDON with the experimental magnetochemical analysis revealing ferromagnetic Co-Ln coupling in compounds 2-5. Ab initio calculations on the X-ray crystal structures of 1-5 paint a semiquatitative picture about the contribution of the individual anisotropic centers toward the overall magnetic properties of the compounds. Theoretical analysis predicts 1 and 2 as weak single-ion magnet (SIM) and single-molecule magnet (SMM) respectively with Co-II being solely responsible for the complex anisotropy. In 2, J(C)(oGd) plays a crucial role in preserving the anisotropy contribution of Co by channelizing relaxation via a higher excited exchange doublet. Because of the inefficiency of J(CoTb), J(CoDy), and J(C)(oHo) in quenching single-ion Ln fragment transverse anisotropy and preserving Co-II high axial anisotropy (favoring rhombicity), 3-5 lack SMM behavior.