Find an Approved Solicitor on the Atom Bank plc
Common questions asked concerning the Atom Bank Conveyancing Panel
I am in the process of selling my house and the EA has just called to say that the purchasers are changing their property lawyer. The excuse is that Atom Bank will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific solicitors?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Atom Bank. I am advised that, being on the Atom Bank conveyancing panel and acting on their behalf he must inform Atom Bank if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Atom Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Atom Bank if you agree, failing which, your lawyer must cease to continue acting.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Atom Bank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My aunt passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Atom Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Atom Bank will insist on your using a conveyancer on the Atom Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Atom Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Atom Bank mortgage is registered as a charge at the Land Registry.
Can you point me to a directory of Atom Bank panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I previously instructed online solicitors based in Bristol who are on the Atom Bank solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Atom Bank mortgage. Is this a supplemental conveyancing fee specified by Atom Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Atom Bank but by your lawyers. Some firms on the Atom Bank will charge an ‘acting for lender’ fee and others do not.
My brother and I are taking a long lease of a house in Hendon. Conveyancing solicitors in Hendon are about to beretained. My fatherrecommended that we make sure that the conveyancer in Hendon is on the Atom Bank list of approved conveyancing firms. Is this right?
Far from all Hendon conveyancing solicitors are on the Atom Bank conveyancing panel. 8 people a month use our search tool to search for a Hendon conveyancing lawyer
on the on the Atom Bank approved list of lawyers.