Adam & Company Conveyancing Panel Information

The Council of Mortgage Lenders (or the BSA) do not involve themselves in training however they do arrange numerous general legal related conferences which are attended by firms on the Adam & Company conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on Adam & Company’s Part 2 requirements. Solicitors on the Adam & Company conveyancing panel will be invited. Further details will be communicated as part of the LENDERmonitor P2 change Notifications.

Adam & Company approved solicitors are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Adam & Company require, the deed of covenant on their behalf. You will need to check Adam & Company CML Part 2 conditions to see if Adam & Company have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Adam & Company conveyancing panel

The Law Society’s CQS membership gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their panels. A number of Lenders now use CQS as the starting point for Panel membership such as HSBC.

You should communicate with Adam & Company to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit section for banks to cite who to contact to obtain standard documents. Adam & Company in their Part 2’s state: It is likely that you will need to quote the firm’s Adam & Company conveyancing panel reference.