Atom Bank Conveyancing Panel Information

One might ordinarily expect Atom Bank via their Part Two requirements to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of Atom Bank’s Conveyancing Panel Appointment that you entered into. For many lender's these Terms include 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 imperative to keep Atom Bank 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. First, 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 Atom Bank 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 Atom Bank’s mortgage offer are correct. If they are not, please let Atom Bank know as soon as possible as it will be necessary for Atom Bank to check with the valuer whether the valuation needs to be revised. Atom Bank conveyancing panel solicitors are not expected to assume the role of valuer. Atom Bank are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Atom Bank 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. Atom Bank recommend that, if we send a copy of a valuation report that Atom Bank 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 report or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Atom Bank 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 Atom Bank conveyancing panel

Atom Bank approved panel lawyers 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 Atom Bank require, the deed of covenant on their behalf. You will need to check Atom Bank CML Part 2 conditions to see if Atom Bank 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 Atom Bank conveyancing panel

The Law Society’s CQS membership gives 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 remain on their panels. A number of Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance as is the case with HSBC.

You need to get in touch with Atom Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express section for lenders to reveal who to contact to obtain standard documents. Atom Bank in their Part 2’s state: Always remember to disclose the firm’s Atom Bank conveyancing panel number.