Atom Bank Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am selling my maisonette and the estate agent has just called to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that Atom Bank will only work with solicitors on their conveyancing panel. Why would a leading lender only work with specific solicitors?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason 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 hearing daily from firms 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 due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Atom Bank will not agree to this. Why was Atom Bank even consulted?
Your lawyer being on the Atom Bank conveyancing panel is duty bound to inform Atom Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Atom Bank then they would have to discontinue acting for you and Atom Bank.
I require the services of a Atom Bank panel solicitor in Belfast. Could you help me?
It is not clear why you need a Atom Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Atom Bank to find out which solicitors in Atom Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
The solicitors that I recently instructed on my purchase in London has suddenly shut down. I chose them because I had to have a solicitor on the Atom Bank conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What are my options?
If you have an estate agent involved then let them know immediately 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 will need to appoint new lawyers that are on the Atom Bank 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
I had instructed online conveyancers based in Bristol who are on the Atom Bank solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the Atom Bank mortgage. Is this a supplemental conveyancing fee set by Atom Bank?
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 Atom Bank but by your lawyers. Some firms on the Atom Bank will charge an ‘acting for lender’ fee and others do not.
In what circumstances might Atom Bank amend or withdraw their mortgage offer?
Banks and Building Societies such as Atom Bank can revoke their mortgage offer although this is unusual. should Atom Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
- Where information comes to Atom Bank ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the borrower informs Atom Bank of a change in security address
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- If the solicitor on the Atom Bank conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Atom Bank ‘s instructions
I have paid off my 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. Please confirm
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.