FAQs for the Adam & Company Conveyancing Panel from members of the public
My fiance and I are buying a 2 bedroom apartment in London with a mortgage from Adam & Company. We would like to retain our solicitor but Adam & Company says he's not on their "panel". We have to appoint one of the Adam & Company panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Adam & Company use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Adam & Company 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 solicitors to apply to be on the conveyancing panel for Adam & Company
I am purchasing a newly built flat and my conveyancer is advising me that she is duty bound to reveal incentives from the builder as her practice is on the Adam & Company conveyancing panel. I am nearing the developer’s deadline to exchange and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Adam & Company approved panel is to comply with the CML Handbook requirements (last updated for this lender on Adam & Company). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I need to visit the offices of the Adam & Company conveyancing panel solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Newcastle
so that I can attend their offices if necessary.
As opposed to ten 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 Newcastle
.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Adam & Company Conveyancing panel prior to the completion date?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can I be sure that the solicitor on the Adam & Company panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your conveyancing
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Adam & Company. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 you will need to appoint a solicitor on the Adam & Company conveyancing panel.
I currently have a mortgage with with Adam & Company. Conveyancing was finalised months ago. If I am intending 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 prior to letting out your property as this is likely to be a breach of Adam & Company’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 firm.
