Brokers can appoint their own conveyancer upon meeting certain criteria
Aldermore has announced changes to its specialist buy-to-let conveyancing processes, with plans to introduce an open panel approach which will allow brokers greater flexibility to appoint conveyancers to support on more complex buy-to-let property transactions.
The lender said brokers could appoint their own conveyancer as long as they were registered with Aldermore via online onboarding portal, Lender Exchange. They also had to meet the criteria of having a minimum of two Solicitors Regulation Authority approved managers or two Council for Licensed Conveyancers authorised managers. In addition they had to have a minimum professional indemnity insurance cover of £2 million, and for solicitors, a Conveyancing Quality Scheme accreditation.
“We are delighted to introduce an open panel conveyancing approach for specialist buy-to-let property deals,” commented Jon Cooper (pictured), head of mortgages at Aldermore. “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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
