Find an Approved Solicitor on the Aldermore Bank PLC
FAQs : The Aldermore Bank Solicitor Panel
My husband and I are FTBs. Within the 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Aldermore Bank have this afternoon contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit 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 as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
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.
How do I search for a local solicitor on the Aldermore Bank conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the solicitor.
You can use the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Aldermore Bank solicitor panel.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Aldermore Bank Solicitor panel in advance of completion?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My existing mortgage is with Aldermore Bank. My father retired last week and wants to pay off the mortgage left on the property. After Aldermore Bank is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Aldermore Bank conveyancing panel? I do not intend to live at the property once the Aldermore Bank mortgage is discharged.
will need a solicitor but they need not be on the Aldermore Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I am currently in the process of buying my council flat. I have a mortgage agreed 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 use 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.
After much negotiation I have agreed a price on an apartment. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me to say that they were not on the Aldermore Bank conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore Bank panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.