Aldermore is to introduce an open panel approach for specialist buy-to-let conveyancing processes, allowing brokers to appoint conveyancers 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.
Additionally, brokers must also have a minimum of two Solicitors Regulation Authority approved managers or two Council for Licensed Conveyancers (CLC) authorised managers and a minimum professional indemnity insurance cover of £2m.
For solicitors, they must also have a Conveyancing Quality Scheme (CQS) accreditation
Jon Cooper, head of mortgages at Aldermore, said: “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.”
