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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.
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My husband and I are first time buyers. Within the 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Aldermore Bank have this morning contacted us to inform me that there is now an issue as our lawyer is not on their conveyancing panel. Is this a problem?
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 Accreditation 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 don't have to instruct a firm on the Aldermore Bank conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Aldermore Bank will not agree to this. Why was Aldermore Bank even consulted?
Your lawyer being on the Aldermore Bank conveyancing panel is duty bound to inform Aldermore Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Aldermore Bank then they would have to discontinue acting for you and Aldermore Bank.
I require the services of a Aldermore Bank panel solicitor in Inverness. Could you help me?
Unfortunately it’s not apparent why you need a Aldermore Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Aldermore Bank to find out which solicitors in Aldermore Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
My grandmother passed away last year and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore Bank , pay off the mortgage etc. Is this possible?
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 the majority of 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 criteria.
Last month we had a mortgage agreed in principle with Aldermore Bank. Solicitors have been appointed? 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 done the survey? Have you advised Aldermore Bank as your lawyers details and checked that your lawyer is on the Aldermore Bank conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Is it common for Aldermore Bank to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Aldermore Bank can revoke their mortgage offer although this is unusual. In the unlikely event that Aldermore Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- Where information comes to Aldermore Bank ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Aldermore Bank conveyancing panel solicitors would be obliged to notify Aldermore Bank of a change in the price of the property.
- Where the sale is not at arms length for value to unconnected persons
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
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