Find an Approved Solicitor on the Aldermore Bank PLC
Aldermore Bank Conveyancing Panel : Questions and Answers
My husband and I are novices when it comes to buying a property. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Aldermore Bank have this afternoon contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance 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 Quality Scheme.
Your property lawyers should contact Aldermore Bank and see if they can apply for membership of the Aldermore Bank conveyancing panel, but if that is not viable Aldermore Bank will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Aldermore 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 have another set of people involved.
I do hope you can help me. My conveyancer is advising me that she is duty-bound to apply for a Local Authority search because the firm are on the Aldermore Bank approved lawyer panel. The searches cost a lot of money. Can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Aldermore Bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Aldermore Bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Aldermore Bank. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Aldermore Bank conveyancing panel. My lawyer has said that they are on the Aldermore 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 Aldermore 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 Aldermore Bank solicitor panel.
I am selling my house. Does my solicitor have to be on the Aldermore Bank conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Are all Conveyancing Quality Solicitors on the Aldermore Bank conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Aldermore Bank are being problematic. The solicitor who is on the Aldermore Bank conveyancing panel is recommending indemnity insurance as a solution but Aldermore Bank are insisting on a building regulation certificate. Why do Aldermore Bank have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Aldermore Bank have referred the matter to their valuer. The reason why Aldermore Bank may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
Aldermore Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Aldermore Bank or your broker and complete any relevant paperwork. Aldermore Bank will tell you what documents they want. Aldermore Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Aldermore Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.