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I am progressing with the sale of my flat and the estate agent has just texted me to say that the buyers are swapping property lawyer. I am told that this is due to the fact that Atom Bank will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with specific law firms?
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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud as the reason 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.
My son-in-law is purchasing a new build apartment with a mortgage from Atom Bank. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Atom Bank conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Atom Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I require the services of a Atom Bank panel solicitor in Inverness. Could you help me?
Unfortunately it’s not apparent why you need a Atom Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Atom Bank to find out which solicitors in Atom Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
We're in Liverpool, First time buyers buying with a mortgage (lender is Atom Bank , but our solicitor is on the Atom Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Atom Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to proceed? I hope to get a mortgage with Atom Bank. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Atom Bank involved you will need to appoint a solicitor on the Atom Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Atom Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Atom Bank conveyancing panel.
My husband and I are at the point of looking at houses and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Atom Bank
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Atom Bank , ask your prospective lawyers check they are on the Atom Bank conveyancing panel otherwise they can't do the mortgage legal work.
Can I register a complaint to Atom Bank about the lawyers being on the Atom Bank conveyancing panel?
There is little point in complaining directly to Atom Bank. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.