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Adam & Company Conveyancing Panel Recently Asked Questions
My partner and I are novices when it comes to buying a property. Within the 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Adam & Company have this afternoon contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your property lawyers should contact Adam & Company and see if they can apply for membership of the Adam & Company conveyancing panel, but if that is not viable Adam & Company will instruct their own solicitors to act. You don't have to instruct a firm on the Adam & Company conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My wife and I are refinancing our maisonette with Adam & Company. We have a son approaching twenty who lives with us. The solicitor on the Adam & Company conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Adam & Company conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Adam & Company .This is solely used to protect the Adam & Company if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Adam & Company had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Whilst your website is a good idea there are many lawyers listed near Coventry on the Adam & Company conveyancing panel. Can you recommend a specific firm on the Adam & Company approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I am selling my house. Does my solicitor have to be on the Adam & Company conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Adam & Company conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Adam & Company conveyancing panel requirements are different to Adam & Company’s conveyancing panel requirements.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Adam & Company be concerned
As your lender is Adam & Company your lawyer must to check the Adam & Company conveyancing instructions contained in the Part of CML Handbook for Adam & Company . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Adam & Company where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
I have instructed a lawyer having checked that they are on the Adam & Company conveyancing panel. Does my lawyer arrange the survey of the property?
I've read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Adam & Company conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Adam & Company will need an independent valuation of the property. Your lawyer will not arrange this. Usually Adam & Company will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Adam & Company you could contact your them to see if they have a list of approved surveyors.