Adam & Company Conveyancing Panel Information

The fact of the matter is that estate agents are suffering if their clients start out on the buying process using 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 .

We only know of two or three banks that operate a separate conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with Adam & Company. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Adam & Company

The CML Part II requirements of Adam & Company are silent on this. Most lenders deal with the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Adam & Company’s interest. To be absolutely sure of Adam & Company requirements in this regard please check the Terms and Conditions of Adam & Company’s conveyancing panel appointment.

CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. A number of mortgage companies now use the scheme as the starting point for Panel approval as is the case with Astra Mortgages.

You would be advised to contact Adam & Company to obtain standard documents. The CML Handbook includes a specific inquiry for lenders to enumerate who to contact to obtain standard documents. Adam & Company in their Part 2’s state: It is likely that you will need to disclose the firm’s Adam & Company solicitors panel number.