Atom Bank Conveyancing Panel Information

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 mortgage companies deal with the issue 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 acceptance.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) 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. Second, 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 survey or structural 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

With banks and conveyancing firms working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Atom Bank conveyancing panel but for all lender panel listings

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 approved list of firms. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership as is the case with Santander.

You need to communicate with Atom Bank to obtain standard documents. The CML Handbook includes an explicit question for lenders to cite who to contact to obtain standard documents. Atom Bank in their Part 2’s state: Don’t forget to quote your Atom Bank conveyancing panel reference.