Aldermore Bank Conveyancing Panel Information

The requirements to join the Aldermore Bank conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The Law Society of Scotland has advised that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Aldermore Bank conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

There are many reports available, five of which are as follows:

• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Number of conveyancing cases by lender
• Buy to Let transactions
• Evidence of undertaking logs

During 2013, 49 sections of the UK Finance Lenders’ Handbook P2 were changed by Aldermore Bank. Some changes are more important than others but as a firm on the Aldermore Bank conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Aldermore Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to communicate with Aldermore Bank to obtain standard documents. The CML Handbook includes an individual inquiry for banks to cite who to contact to obtain standard documents. Aldermore Bank in their Part 2’s state: Please remember to disclose the firm’s Aldermore Bank solicitors panel number.