Examples of recent questions relating to the Adam & Company Solicitor Panel from members of the public
I would like to know the reason why all solicitors are not on the Adam & Company Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My lawyer has informed me that he requires ID documents saying that this forms part of his retainer as a conveyancer on the Adam & Company Solicitor panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Adam & Company your lawyer also has to check ID documents to satisfy Adam & Company
Your search tool is useful but there are many lawyers listed near Coventry on the Adam & Company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Adam & Company ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
The solicitors that I appointed last week on my purchase in London has suddenly closed. They were on acting for me because I had to have a lawyer on the Adam & Company conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Adam & Company conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Adam & Company conveyancing panel requirements are different to Adam & Company’s conveyancing panel criteria.
I have today made my last payment due on mortgage with Adam & Company. I assume I don't need a solicitor on the Adam & Company panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Adam & Company mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Adam & Company mortgage from the register. Adam & Company,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Adam & Company has sent the Land Registry the discharge electronically, and
the Adam & Company has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Adam & Company mortgage has been paid off.
Planning on purchasing a house with a mortgage with Adam & Company. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Adam & Company conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Adam & Company conveyancing panel
