Aldermore Bank Solicitor Panel Sample Enquires to our Call Center from members of the public
My partner and I are novices when it comes to buying a property. Within the last couple of days our property lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Aldermore Bank have this morning contacted us to advise us that they have now hit a problem as our conveyancer is not on their approved list of lawyers. 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 solicitors 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 may delay matters as you have another set of people involved.
I am due to move into my new home next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order 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 requirements.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Aldermore Bank solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in London, First timers purchasing with a mortgage (lender is Aldermore Bank , but our lawyer is on the Aldermore Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
We have agreed a price on a flat I spoke to a conveyancer recommended by my brother and he advised retaining a property lawyers approved by Aldermore Bank. The estate agent recommended two local firms so I asked Aldermore Bank if the 2 suggested solicitors are approved, which they are not. Aldermore Bank pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Aldermore Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Aldermore Bank for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Aldermore Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Aldermore Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Aldermore Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have paid off my mortgage with Aldermore Bank. I assume I don't need a solicitor on the Aldermore Bank panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Aldermore Bank mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore Bank mortgage from the register. Aldermore Bank,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Aldermore Bank has sent the Land Registry the discharge electronically, and
the Aldermore Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Aldermore Bank mortgage has been paid off.
After much negotiation I have agreed a price on a house. My financial adviser recommended their conveyancers 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.