Atom Bank Conveyancing Panel Information

The Council of Mortgage Lenders is an association rather than a regulator and therefore will not investigate grievances against lenders. You can of course contact Lexsure to see if we can assist.

Lexsure has not been advised of any intention on the part of the CML to develop such a register.

The CML Part II requirements of Atom Bank are silent on this. Most lenders address 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 Atom Bank’s interest. To be absolutely sure of Atom Bank requirements in this regard please check the Terms and Conditions of Atom Bank’s conveyancing panel membership.

In operating open conveyancing panels, lenders such as Atom Bank 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.

Atom Bank 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.

The Law Society’s CQS accreditation is 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. Some mortgage companies now use the scheme as the starting point for Panel membership such as HSBC.

You would be advised to communicate with Atom Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express inquiry for banks to reveal who to contact to obtain standard documents. Atom Bank in their Part 2’s state: You will need to quote your Atom Bank conveyancing panel reference.