Kent Reliance Conveyancing Panel Information

In the same way that there is a unique Kent Reliance conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

During 2013, 17 sections of the UK Finance Lenders’ Handbook P2 were changed by Kent Reliance. Some changes are more important than others but as a firm on the Kent Reliance 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.

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 Kent Reliance immediately. (II) 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 Kent Reliance’s mortgage offer are correct. If they are not, please let Kent Reliance know as soon as possible as it will be necessary for Kent Reliance to check with the valuer whether the valuation needs to be revised. Kent Reliance conveyancing panel solicitors are not expected to assume the role of valuer. Kent Reliance are simply trying to ensure that the valuer has valued the property based on correct information. (III) Kent Reliance 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. Kent Reliance recommend that, if we send a copy of a valuation report that Kent Reliance 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 survey or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Kent Reliance 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 Kent Reliance conveyancing panel

With mortgage companies and solicitors working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Kent Reliance conveyancing panel but for all bank panel listings

CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of conveyancing solicitors. Some Lenders now use the scheme as the starting point for Panel membership such as Santander.

You should contact Kent Reliance to obtain standard documents. The CML Handbook incorporates a specific inquiry for lenders to enumerate who to contact to obtain standard documents. Kent Reliance in their Part 2’s state: Please remember to quote the firm’s Kent Reliance solicitors panel number.