Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk management tool.
This software optimises the way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Adam & Company’s changes. Notwithstanding that utilising the software is not a prerequisite for Adam & Company , demonstrating you can stay up to date with Adam & Company’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, protect your panel standing.
COMPLETIONmonitor creates real-time alerts, automatically produces SRA and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, leads to a PII saving.
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Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from Adam & Company are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:
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Common questions asked concerning the Adam & Company Solicitor Panel
from members of the public
My wife and I are FTBs. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Adam & Company have this afternoon contacted us to advise us that they have now hit a problem as our conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your property lawyers should contact Adam & Company and see if they can apply for membership of the Adam & Company conveyancing panel, but if that is not viable Adam & Company will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Adam & Company conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My husband and I changing mortgage lender for our flat with Adam & Company. We have a son 18 who lives with us. The solicitor on the Adam & Company conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Adam & Company conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Adam & Company .This is solely used to protect the Adam & Company if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Adam & Company had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary during the course of the conveyancing process to visit the offices of the Adam & Company conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can attend their offices if necessary.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester
.
We're in Wales, FTBs purchasing with a mortgage (lender is Adam & Company , but our solicitor is on the Adam & Company conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Adam & Company conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
When it comes to lenders such as Adam & Company do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Adam & Company. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Adam & Company involved you will need to appoint a solicitor on the Adam & Company conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Adam & Company. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Adam & Company conveyancing panel.
I am selling my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Adam & Company are being difficult. The solicitor who is on the Adam & Company conveyancing panel is recommending indemnity insurance as a solution but Adam & Company are requiring a building regulation certificate. Why do Adam & Company have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Adam & Company have referred the matter to their valuer. The reason why Adam & Company may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
