Find an Approved Solicitor on the Aldermore Bank PLC
Conveyancing Panel
Aldermore Bank Solicitor Panel Example Support Desk Enquires
I am progressing with the sale of my house and the EA has just called to warn that the purchasers are switching law firm. The excuse is that Aldermore Bank will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with certain lawyers?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our son is buying a house that has just been built with a home loan from Aldermore Bank. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore Bank conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Aldermore Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am planning to acquire a house and need a conveyancing solicitor in Newcastle who is on the Aldermore Bank approved. Could you point me in the right direction as regards a solicitor?
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.
I am considering applying for a Aldermore Bank mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore Bank?
There is nothing to stop you using your solicitor but Aldermore Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I previously instructed online conveyancers located in Manchester who are on the Aldermore Bank solicitor panel. They have just invoiced me a separate fee of £135 for the legal aspects of the Aldermore Bank mortgage. Is this a supplemental 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 but plenty of firms include it on their overall fee.
Why might a lender such as Aldermore Bank withdraw a mortgage offer?
Lenders such as Aldermore Bank can withdraw their mortgage offer although this is unusual. If Aldermore Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
-
A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
-
Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
-
Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
-
Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
-
If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
Aldermore Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Aldermore Bank or your broker and complete any relevant paperwork. Aldermore Bank will tell you what documents they want. Aldermore Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Aldermore Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.