Aldermore Bank Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Aldermore Bank and to assist in remaining on the Aldermore Bank Conveyancing Panel.

Aldermore Bank Conveyancing Panel: Recently Asked Questions

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Are Aldermore Bank Conveyancing panel solicitors obliged to disclose incentives?
Aldermore Bank’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements
Is there a standard appeals process to prevent solicitors from being unfairly removed them from lender conveyancing panels?
There are thousands of firms across the UK who feel aggrieved claiming that they have been removed from lenders’ panels without an explanation or a good reason. It is highly unlikely, given that lenders have distanced themselves from creating a standardised appeals process for brokers, that an appeals process will be introduced for lawyers. Commenting on the call by brokers to have a standardised process the CML said’ “While we understand that some lenders do have an appeals process, it would not be appropriate for a trade body such as the CML to seek to be prescriptive about such a process.” Some lenders do of course set out an appeals policy. The Law Society does have information on it’s site that may be of assistance. If you would like to talk to one of our compliance experts about our Lender Panel Protection Service please contact us.
Is it true that the Law Society has advised that firms check their status on the Aldermore Bank conveyancing panel?
The Scottish Law Society has suggested that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Aldermore Bank conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com
A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Aldermore Bank and other lenders have restricted their panel over the years. Why?
In operating open conveyancing panels, lenders such as Aldermore Bank face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Aldermore Bank and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

Lockton’s PII renewal form questions if my practice had been excluded from any lender panels in the last year. I recently discovered that the firm is no longer on the Aldermore Bank solicitor panel? Is this likely to effect my PII premium?
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.
My firm is listed on the Aldermore Bank conveyancing panel and scheduled to complete a remortgage within the next few weeks. My file does not contain a Legal Charge for the client to execute. Who do I contact at Aldermore Bank to obtain duplicate documents?
You need to communicate with Aldermore Bank to obtain standard documents. The CML Handbook contains an express question for lenders to reveal who to contact to obtain standard documents. Aldermore Bank in their Part 2’s state:
Always remember to disclose your Aldermore Bank conveyancing panel reference.

Find a Lawyer on the Aldermore Bank Conveyancing Panel

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Average number of days to register title including a charge in favour of Aldermore Bank
This information relates to purchase only and not remortgages.
YearDays*
2024 [no data]
2023 [no data]
2022 [no data]
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2020 [no data]
2019 [no data]
* Data aggregated from sources including COMPLETIONmonitor