Adam & Company International Conveyancing Panel Information

Many estate agents will be suffering if their clients start out on the conveyancing process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

One might ordinarily expect Adam & Company International via their Part Two requirements to address this but the Handbook is silent on time frames. You need to look at the Terms of Adam & Company International’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms have a clause such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Adam & Company International informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Adam & Company International immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Adam & Company International’s mortgage offer are correct. If they are not, please let Adam & Company International know as soon as possible as it will be necessary for Adam & Company International to check with the valuer whether the valuation needs to be revised. Adam & Company International conveyancing panel solicitors are not expected to assume the role of valuer. Adam & Company International are simply trying to ensure that the valuer has valued the property based on correct information. (c) Adam & Company International recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Adam & Company International recommend that, if we send a copy of a valuation report that Adam & Company International have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Adam & Company International or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Adam & Company International conveyancing panel

It would be advisable to provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the Law Society a complete picture of what has happened.

You should get in touch with Adam & Company International to obtain standard documents. The CML Handbook has an individual section for banks to cite who to contact to obtain standard documents. Adam & Company International in their Part 2’s state: Please remember to disclose your Adam & Company International conveyancing panel reference.