Looking for information about your firm's panel status?
Aldermore Bank Solicitor Panel: Recently Asked Questions
Given my firm’s membership on the Aldermore Bank conveyancing panel how long am I obliged to keep hold of the complete conveyancing file?
The CML Part II requirements of
Aldermore Bank are silent on this. Most mortgage companies address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Aldermore Bank’s interest. To be
absolutely sure of Aldermore Bank requirements in this regard
please check the Terms and Conditions of Aldermore Bank’s
conveyancing panel membership.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Aldermore Bank and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Aldermore Bank
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Aldermore Bank and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my appeal to be reinstated on the Aldermore Bank solicitor panel?
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)
- Buy to Let transactions
- Number of conveyancing cases by lender
- Evidence of undertaking logs
- Analysis as to the nature of clients (e.g.existing/new/seen in person)
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on the majority of bank panels including the
Aldermore Bank conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Do I disclose these these Terms ?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.
You have to try and take an objective view as to whether the Terms relating to the
Aldermore Bank conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.
My post-completion clerk has left my firm on short notice.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Aldermore Bank once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Aldermore Bank?
Aldermore Bank will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Aldermore Bank conveyancing panel.
Lockton’s PII renewal form enquires if my practice had been excluded from any lender panels in the last 12 months.
I recently became aware that the firm is no longer on the
Aldermore Bank solicitor panel? Is this likely to effect my PII premium?
Your insurance brokers are your best port of call to address this question.
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.
I am on the
Aldermore Bank
conveyancing panel and due to complete a purchase within the next few weeks. I dont have a Mortgage Deed for the client to execute.
Who do I contact at Aldermore Bank to obtain duplicate documents?
You would be advised to contact Aldermore Bank
to obtain standard documents. The CML Handbook includes an express section for lenders to reveal who to contact to obtain standard documents.
Aldermore Bank in their Part 2’s state:
It helps to disclose the firm’s Aldermore Bank solicitors panel reference.
Find a Lawyer on the Aldermore Bank Conveyancing Panel
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Average number of days to register title including a charge in favour of Aldermore Bank
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Aldermore Bank Firms
- Draft Report on Title precedent for Aldermore Bank borrowers
- Draft Anti Money Laundering PolicyTemplate for Aldermore Bank panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Aldermore Bank lender panel
- Buy-to-Let help for Aldermore Bank
- Consent-to-Let help for Aldermore Bank
- Contractor Mortgages with Aldermore Bank
