Reliance Bank Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Reliance Bank and to assist in remaining on the Reliance Bank Conveyancing Panel.

Reliance Bank Solicitor Panel: Recently Asked Questions

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Is it true that the Law Society has advised that firms check their status on the Reliance Bank conveyancing panel?
The Scottish Law Society has suggested that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Reliance Bank conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com
I understand that Reliance Bank could request or audit my files as I am on the Reliance Bank conveyancing panel. How should I respond in the event of such a demand?
We can't comment specifically on Reliance Bank. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the buyer client and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if he is in dispute with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

Where can I find the Reliance Bank conveyancing panel obligations or Transfer of Equity Conveyancing?
Reliance Bank approved solicitors have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Reliance Bank require, the deed of covenant on their behalf. You will need to check Reliance Bank CML Part 2 conditions to see if Reliance Bank have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Reliance Bank conveyancing panel
My post-completion clerk has left my firm unexpectedly. I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to Reliance Bank once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Reliance Bank?
Reliance Bank will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the Reliance Bank conveyancing panel.
Our firm had their Reliance Bank panel membership terminated but we have not yet been given an explanation yet. I am completing a CQS renewal questionnaire what details should I report?
In this situation please clarify on the application what action you have taken to discover the reasons behind cancellation of your Reliance Bank panel membership. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?
I am on the Reliance Bank conveyancing panel and all set to complete a remortgage within the next few weeks. My papers do not include a Mortgage Deed for the client to execute. Who do I contact at Reliance Bank to request substitute deeds?
You need to communicate with Reliance Bank to obtain standard documents. The CML Handbook has an individual inquiry for lenders to cite who to contact to obtain standard documents. Reliance Bank in their Part 2’s state:
You will need to quote your Reliance Bank solicitors panel number.

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Average number of days to register title including a charge in favour of Reliance Bank
This information relates to purchase only and not remortgages.
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* Data aggregated from sources including COMPLETIONmonitor