Examples of recent questions relating to the Aldermore Bank Solicitor Panel from members of the public
Is there a reason why all property lawyers are not on the Aldermore Bank Solicitor panel?
Aldermore Bank and other lenders tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Aldermore Bank have no responsibility for the quality of advice provided by any member of Aldermore Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Aldermore Bank was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer says that as she is on the Aldermore Bank conveyancing panel she needs to redo the searches as they are now out of date.
One of the many conditions to being on the Aldermore Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Aldermore Bank)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Aldermore Bank.
I am purchasing a house and require a conveyancing solicitor in Birmingham who is on the Aldermore Bank conveyancing. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Aldermore Bank . We don’t recommend any particular firm.
We're in London, First timers buying with a mortgage (lender is Aldermore Bank , but our solicitor 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
Do conveyancing solicitors on the Aldermore Bank conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
My husband and I are in the throws of looking at flats and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a mortgage with Aldermore Bank
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Aldermore Bank , ask your prospective lawyers check they are on the Aldermore Bank conveyancing panel otherwise they can't do the mortgage legal work.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Aldermore Bank on various occasions and told it wasn't a problem 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. I simply dont know who is right
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.
