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Adam & Company International Solicitor Panel: Recently Asked Questions
Is it true that the Law Society has recommended that firms check their status on the
Adam & Company International conveyancing panel?
The Law Society of Scotland has suggested that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
Adam & Company International conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Adam & Company International and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Adam & Company International
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Adam & Company International and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Are the Council of Licensed Conveyancers taking any action to protect licensed conveyancers from being removed from lender panels?
As is the case with the Law Society the CLC has initiated dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as
Adam & Company International in recent years.
When in comes to leasehold title investigations do
Adam & Company International conveyancing panel lawyers have to consider if there is an insolvent landlord?
On the basis that your firm in is on the
Adam & Company International conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Adam & Company International are to lend, they may require indemnity insurance. In any event,you will need to check
Adam & Company International’s specific requirements. Notwithstanding whether
Adam & Company International will lend in such circumstances you still need to advise the borrower (unless you are acting for
Adam & Company International alone) as to the risks of buying a property with an insolvent or absentee freeholder.
My partners and I run a small firm on the Adam & Company International conveyancing panel. How can we advertise our practice as carrying out conveyancing in Hendon who can act for the borrower and Adam & Company International?
8 potential conveyancing clients attempt to locate a property lawyer on the Adam & Company International panel on a monthly basis in Hendon. Please contact the team at lenderpanel.com to see how your firm can be listed by those searching for conveyancing in Hendon.
my firm’s membership of the
Adam & Company International conveyancing panel was revoked but was reinstated on appeal, do I need to include this information on my CQS application?
You should supply details of the date of removal, information on the reason for
removal, date of appeal and any reason given for reinstatement. This
should not adversely impact your application but gives the Law Society a complete picture of what has happened.
I am on the
Adam & Company International
conveyancing panel and due to complete a remortgage within the next few weeks. My papers do not include a Legal Charge for the client to execute.
Who do I contact at Adam & Company International to request substitute deeds?
You should contact Adam & Company International
to obtain standard documents. The CML Handbook includes an individual question for lenders to reveal who to contact to obtain standard documents.
Adam & Company International in their Part 2’s state:
It helps to quote the firm’s Adam & Company International solicitors panel reference.
Find a Lawyer on the Adam & Company International Conveyancing Panel
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Average number of days to register title including a charge in favour of Adam & Company International
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Adam & Company International Firms
- Draft Report on Title precedent for Adam & Company International borrowers
- Draft Anti Money Laundering PolicyTemplate for Adam & Company International panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Adam & Company International lender panel
- Buy-to-Let help for Adam & Company International
- Consent-to-Let help for Adam & Company International
- Contractor Mortgages with Adam & Company International
