Q and A’s regarding the Atom Bank Solicitor Panel from members of the public
Much to my surprise I have been told by my mortgage broker that my solicitor is not on the Atom Bank Conveyancing panel. What can I do to check?
The best course of action for you to take is to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the the approved Atom Bank solicitor panel.
We are getting closer to an exchange and my mum and dad 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 coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
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.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Atom Bank conveyancing panel. My lawyer has said that they are on the Atom Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Atom Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Atom Bank solicitor panel.
What happens if my lawyer’s firm is expelled from the Atom Bank Solicitor panel before the moving date as agreed at exchange of contracts?
First, 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 at a cost.
My wife and I have arranged a further advance on our mortgage from Atom Bank as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Atom Bank conveyancing panel to deal with the legals?
Atom Bank do not ordinarily instruct firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Atom Bank list
What are the common reasons for a lender such as Atom Bank to withdraw a mortgage offer?
Lenders such as Atom Bank can withdraw their mortgage offer although this rarely happens. In the unlikely event that Atom Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- If the financial circumstances of the borrower have changed to the detriment and the Atom Bank has been notified
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender has to take account a recent change in taxation
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
My existing mortgage is with Atom Bank. My grandfather retired last week and wants to pay off the mortgage left on the property. After Atom Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Atom Bank conveyancing panel? I do not intend to live at the property once the Atom Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Atom Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.