Common questions asked concerning the Adam & Company International Conveyancing Panel from members of the public
We are buying a 1 bedroom flat in Leeds with a mortgage from Adam & Company International. We would like to retain our lawyer but Adam & Company International says he's not on their "panel". It seems we have little choice but to instruct one of the Adam & Company International panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Adam & Company International conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Adam & Company International
I am buying a brand new duplex and my lawyer is advising me that she is duty bound to disclose incentives from the developer as her practice is on the Adam & Company International conveyancing panel. The Estate Agents are hassling me to sign contracts and I dont want to delay deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Adam & Company International approved panel is to comply with the CML Handbook requirements (last updated for this lender on Adam & Company International). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Adam & Company International conveyancing panel. My lawyer has said that they are on the Adam & Company International approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Adam & Company International conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Adam & Company International solicitor panel.
I am considering applying for a Adam & Company International mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Adam & Company International?
In theory, you could use a solicitor that is not on Adam & Company International conveyancing panel, but Adam & Company International would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Do conveyancing solicitors on the Adam & Company International conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I am about to exchange contracts on a purchase with a mortgage from Adam & Company International. The report from my solicitor mentions that Adam & Company International could withdraw their offer before completion. Is this right?
Lenders such as Adam & Company International can revoke their mortgage offer although this rarely happens. In the unlikely event that Adam & Company International withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the sale is not at arms length for value to unconnected persons
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
I am currently in the process of buying my council flat. I have a mortgage agreed with Adam & Company International. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Adam & Company International you will need to appoint a solicitor on the Adam & Company International conveyancing panel.