Allied Irish Bank Conveyancing Panel Information

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Allied Irish Bank as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Allied Irish Bank we suggest that you call Allied Irish Bank to check the position.

During 2013, 1 sections of the UK Finance Lenders’ Handbook P2 were changed by Allied Irish Bank. Some changes are more important than others but as a firm on the Allied Irish 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.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Allied Irish Bank conveyancing panel to see if you are entitled to a reason.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Allied Irish Bank immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Allied Irish Bank’s mortgage offer are correct. If they are not, please let Allied Irish Bank know as soon as possible as it will be necessary for Allied Irish Bank to check with the valuer whether the valuation needs to be revised. Allied Irish Bank conveyancing panel solicitors are not expected to assume the role of valuer. Allied Irish Bank are simply trying to ensure that the valuer has valued the property based on correct information. (III) Allied Irish Bank recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Allied Irish Bank recommend that, if we send a copy of a valuation report that Allied Irish Bank have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Allied Irish Bank or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Allied Irish Bank conveyancing panel

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 Allied Irish Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to contact Allied Irish Bank to obtain standard documents. The CML Handbook has a specific section for banks to set out who to contact to obtain standard documents. Allied Irish Bank in their Part 2’s state: It is likely that you will need to disclose your Allied Irish Bank conveyancing panel reference.