Aldermore Bank Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. It is a unique risk mitigation tool.

This software is the only way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with notifications given on Aldermore Bank’s changes. While using COMPLETIONmonitor is not a condition for acceptance on the Aldermore Bank panel, demonstrating you can remain up to date with Aldermore Bank’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, protect your panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, results in a PII saving.

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Lenders frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Aldermore Bank are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Aldermore Bank has made 125 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 21.8 days. In total, 29% of the sections of P2 of the UK Finance Lenders’ Handbook for Aldermore Bank have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
14.1.4 01/05/2017 CML
6.7.1 28/03/2017 CML
6.7.1 26/09/2016 CML
5.19.1 08/02/2016 CML
6.14.1 30/11/2015 CML
5.1.1 29/07/2015 CML
5.5.1b 01/12/2014 CML
6.14.1c 01/12/2014 CML
6.14.1 01/12/2014 CML
3.1.3 01/12/2014 CML

Last update 25/03/2019

Aldermore Bank Conveyancing Panel Example Support Desk Enquires from members of the public

Can you please explain the reason why all UK lawyers are not on the Aldermore Bank Solicitor panel?
As unjust as it may seem for Aldermore Bank to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Aldermore Bank are limiting their conveyancing panel to a size that they are happy to control. The Aldermore Bank conveyancing panel is not the most restricted
My fiance and I intend to remortgage our penthouse with Aldermore Bank. We have a son approaching twenty who lives with us. The solicitor on the Aldermore Bank conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Aldermore Bank conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Aldermore Bank conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Aldermore Bank .This is solely used to protect the Aldermore Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.

It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Aldermore Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.

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 conveyancing 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 conveyancers in Manchester 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 prescribed period?
It very much depends from lender to lender 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.
I previously instructed online solicitors located in Bristol who are on the Aldermore Bank solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Aldermore Bank mortgage. Is this an additional conveyancing fee specified by Aldermore Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Aldermore Bank but by your lawyers. Some firms on the Aldermore Bank will charge an ‘acting for lender’ fee and others do not.
Completion of my remortgage has taken place with a loan from Aldermore Bank. Conveyancing was a necessary evil but I would like to complain about Aldermore Bank. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the Aldermore Bank branches or the Customer Care Department at Aldermore Bank head office. We understand that complaints to Aldermore Bank are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch Aldermore Bank on numerous occasions and was told they are content with the situation 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.