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approved by AtomBank
Ready to buy a new home? Failing to check that a lawyer is on the AtomBank list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Atom Bank plc Conveyancing Panel? How can my firm be reinstated onto the Atom Bank plc Conveyancing Panel?Find an Approved Solicitor on the Atom Bank plc Conveyancing Panel
Examples of recent questions relating to the Atom Bank Solicitor Panel
My wife and I are first time buyers. Within the 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Atom Bank have this afternoon contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Atom Bank and see if they can apply for membership of the Atom Bank conveyancing panel, but if that is not viable Atom Bank will instruct their own lawyers to represent them. You don't have to instruct a firm on the Atom Bank conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am due to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Atom Bank. What does the insurance need to cover?
All property lawyers on the Atom Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Atom Bank’s Part 2 requirements of the CML Handbook (last updated on Atom Bank). Being on the Atom Bank conveyancing panel your lawyer is expect to follow these requirements.
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.
I was supposed to complete on my dream home last Friday. My lawyer’s firm is on the Atom Bank conveyancing panel but has moved offices in the past couple of months and had not advised Atom Bank of their new address. Atom Bank is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Atom Bank branch or your mortgage broker to see if they can assist.
Can I be sure that the solicitor on the Atom Bank panel is any good?
obtaining recommendations is a good starting point. 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 recommend that you speak with the solicitor carrying out your transaction
We have a mortgage agreed in principle with Atom Bank. Solicitors have been appointed? How long does it take for Atom Bank to send the offer to our conveyancer
Some lenders take longer than others. Have Atom Bank conducted the valuation? Have you advised Atom Bank as your lawyers details and checked that your lawyer is on the Atom Bank conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I have a mortgage with Atom Bank. My godfather 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 will it roughly 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.
Although you do need to retain the services of a lawyer they dont
need to be on the Atom Bank 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.
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Transfer of Equity for Atom BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors