Allied Irish Bank Conveyancing Panel Information

Many estate agents will be feeling the pain if their clients start out on the buying process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

The Council of Licensed Conveyancers has begun discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Allied Irish Bank in recent years.

The majority of 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.

On the basis that your firm in is on the Allied Irish Bank conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Allied Irish Bank are to lend, they may require indemnity insurance. In any event,you will need to check Allied Irish Bank’s specific requirements. Notwithstanding whether Allied Irish Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Allied Irish Bank alone) as to the risks of buying a property with an insolvent or absentee freeholder.

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

You should contact Allied Irish Bank to obtain standard documents. The CML Handbook has an explicit question for lenders to reveal who to contact to obtain standard documents. Allied Irish Bank in their Part 2’s state: Please remember to quote your Allied Irish Bank solicitors panel reference.