Find an Approved Solicitor on the Aldermore Bank PLC
Common questions asked concerning the Aldermore Bank Solicitor Panel
My partner and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. 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. What do we do from here?
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 solicitors to act. 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.
I am due to move into my new home next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Aldermore Bank. What does the insurance need to cover?
Any lawyer on the Aldermore Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Aldermore Bank’s Part 2 requirements of the CML Handbook (last updated on Aldermore Bank). Being on the Aldermore Bank conveyancing panel your lawyer is expect to follow these instructions.
I have checked 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.
My solicitors in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Aldermore Bank. Is it case that being on the Aldermore Bank conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Aldermore Bank Conveyancing Panel Terms. It might be worth you contacting Aldermore Bank directly.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Aldermore Bank. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Aldermore Bank involved you will need to appoint a solicitor on the Aldermore Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Aldermore Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Aldermore Bank conveyancing panel.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Aldermore Bank. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Aldermore Bank you will need to appoint a solicitor on the Aldermore Bank conveyancing panel.
I have a mortgage with Aldermore Bank. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore Bank?
Your original mortgage agreement with Aldermore Bank will provide that you need their approval before renting your property as this is likely to be a breach of Aldermore Bank’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore Bank directly. You need not do this via a Aldermore Bank conveyancing panel lawyer.