Frequently asked questions relating to the Atom Bank Solicitor Panel from members of the public
I am progressing with the sale of my apartment and the estate agent has just telephoned to say that the buyers are switching conveyancer. I am told that this is due to the fact that Atom Bank will only deal with solicitors on their approved list. Why would a major mortgage company only deal with specific solicitors?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Atom Bank. I am advised that, being on the Atom Bank conveyancing panel and acting on their behalf he must inform Atom Bank if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Atom Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Atom Bank if you agree, failing which, your lawyer must cease to continue acting.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Atom Bank conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
We're in Wales, FTBs buying with a mortgage (lender is Atom Bank , but our lawyer is on the Atom Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Atom Bank 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
is it true that all conveyancing solicitors on the Atom Bank conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Atom Bank conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Atom Bank. Is there anyway to cut out the solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Atom Bank involved you will need to appoint a solicitor on the Atom Bank 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 Atom Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Atom Bank conveyancing panel.
I have today made my last payment due on mortgage with Atom Bank. I assume I don't need a solicitor on the Atom Bank panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Atom Bank 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 Atom Bank mortgage from the register. Atom Bank,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 Atom Bank has sent the Land Registry the discharge electronically, and
the Atom Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Atom Bank mortgage has been paid off.