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approved by Aldermore Bank
Ready to buy a new home? Failing to check that a lawyer is on the Aldermore Bank list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Aldermore Bank PLC Conveyancing Panel
Aldermore Bank Conveyancing Panel : Questions and Answers
On what basis would a firm of solicitors be excluded from the Aldermore Bank solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Aldermore Bank
My solicitor has spotted a difference when comparing the assumptions in Aldermore Bank’s valuation report and what is revealed within the legal papers for the property. My lawyer says that as he is on the Aldermore Bank conveyancing panel he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance correct?
A precondition to being on the Aldermore Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Aldermore Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Aldermore Bank solicitor 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.
My aunt passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Aldermore Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Aldermore Bank will insist on your using a conveyancer on the Aldermore Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore Bank mortgage is registered as a charge at the Land Registry.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Aldermore Bank conveyancing panel requirements are different to Aldermore Bank’s conveyancing panel requirements.
We have a mortgage agreed in principle with Aldermore Bank. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Aldermore Bank?
There is no definitive answer here. Have Aldermore Bank completed the survey? Have you advised Aldermore Bank as your lawyers details and checked that your lawyer is on the Aldermore Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch Aldermore Bank on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Aldermore Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Aldermore Bank. Unless your lawyer obtains specific confirmation in writing that Aldermore Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Aldermore Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.