Aldermore Bank Conveyancing Panel Information

The Council of Mortgage Lenders, along with Aldermore Bank and other lenders developed a standard set of requirements where a solicitor is representing a lender such as Aldermore Bank alone in a residential conveyancing transaction. These legal instructions are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

Many estate agents are feeling the pain if their clients start out on the conveyancing process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

On the basis that your practice in is on the Aldermore Bank conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Aldermore Bank are to lend, they may require indemnity insurance. In any event,you will need to check Aldermore Bank’s specific requirements. Notwithstanding whether Aldermore Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Aldermore Bank alone) as to the risks of buying a property with an insolvent or absentee landlord.

With lenders and conveyancers working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Aldermore Bank conveyancing panel but for all mortgage panels

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Aldermore Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should contact Aldermore Bank to obtain standard documents. The CML Handbook incorporates an express section for lenders to set out who to contact to obtain standard documents. Aldermore Bank in their Part 2’s state: Don’t forget to disclose your Aldermore Bank solicitors panel number.