Newsroom

Aldermore announces changes to specialist Buy to Let conveyancing process

Mortgages 1 min read 01/09/2023

Aldermore has announced it will introduce an open panel approach for specialist buy to let conveyancing processes, allowing brokers greater flexibility to appoint conveyancers to support on more complex buy to let property transactions.

Brokers can appoint their own conveyancer as long as they are registered with Aldermore via online onboarding portal, Lender Exchange and meet the following criteria:

  • Have a minimum of two Solicitors Regulation Authority approved managers or two Council for Licensed Conveyancers (CLC) authorised managers1
  • A minimum professional indemnity insurance cover of £2 million
  • For Solicitors, they must also have a Conveyancing Quality Scheme (CQS) accreditation

Jon Cooper, head of mortgages at Aldermore, comments: “We are delighted to introduce an open panel conveyancing approach for specialist buy to let property deals. An open panel approach is a popular option for brokers, giving them the flexibility to use conveyancers of their choice. Yet many lenders do not have the capabilities for specialist buy to let lending, due to the complexity of these deals. At Aldermore, we are committed to serving the underserved and often overlooked borrowers, and our open panel approach will further strengthen our offering, helping landlords realise their property investment goals.”

**Ends**

 

Notes to editors

1Details can be checked at The Law Society or The CLC

Further detail on the changes:

  • Aldermore will add any new firms to the panel if requested, subject to meeting the criteria outlined above
  • Firms will act on a dual representation basis (acting for the borrower and the bank)
  • Firms will be sent offer documentation as standard, but clients can instruct them beforehand
  • All fees are negotiated directly between the client and the acting conveyancer
  • Assisted legal fees on remortgages will remain under the current process through our managed panel firms
  • For applications above £2m, the conveyancer must at all times retain professional indemnity insurance cover which is adequate and appropriate for the practice, considering in particular the nature and value of the work they are undertaking