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 property lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Adam & Company have this evening contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
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 solicitors 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 don't have to instruct a firm on the Adam & Company conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Expecting to move into my new home next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Adam & Company. What does the insurance need to cover?
All property lawyers on the Adam & Company conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Adam & Company’s Part 2 requirements of the CML Handbook (last updated on Adam & Company). Being on the Adam & Company conveyancing panel your lawyer is expect to follow these requirements.
I need to find a Adam & Company panel solicitor in Inverness. Can you assist?
It is not clear why you need a Adam & Company panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Adam & Company to find out which solicitors in Adam & Company are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am buying a garden flat and getting a mortgage with Adam & Company. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Adam & Company conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Adam & Company conveyancing panel in your location.
I previously instructed online solicitors based in London who are on the Adam & Company solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Adam & Company mortgage. Is this an additional conveyancing fee specified by Adam & Company?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Adam & Company but by your lawyers. Some firms on the Adam & Company will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I currently have a mortgage with with Adam & Company. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Adam & Company?
Your original mortgage agreement with Adam & Company will provide that you need their approval before renting your property as this is likely to be a breach of Adam & Company’s mortgage conditions. It may be that Adam & Company will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Adam & Company directly. You need not do this via a Adam & Company conveyancing panel lawyer.
My husband and I are purchasing a penthouse in Hendon. Conveyancing solicitors in Hendon need to begiven the go-ahead. My friendsuggested that we enquire that the property lawyer in Hendon is on the Adam & Company list of approved conveyancing firms. Surely I don't need to do this, do I?
It is not that case that all Hendon conveyancing solicitors are on the Adam & Company conveyancing panel. Use the above search tool to locate a Hendon conveyancing solicitor on the on the Adam & Company list of approved conveyancing firms.