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Reliance Bank Solicitor Panel: Recently Asked Questions
Reliance Bank would like me to act for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Reliance Bank conveyancing panel) How will this work and are there different requirements from Reliance Bank in this situation?
The CML, together with
Reliance Bank and other stakeholders created a standard set of instructions where a conveyancer is acting for a lender such as Reliance Bank alone in a residential conveyancing matter.
These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Parts 1 & 2.
The CML have published an example requirements letter to the borrower’s conveyancer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.
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 advised that solicitors should check their lender panel status 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 recommendation 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 moneysavingexpert.com
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
As is the case with the Law Society the Council of Licensed Conveyancers has begun dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as
Reliance Bank in recent years.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my appeal to be reinstated on the Reliance Bank solicitor panel?
There are many reports available, five of which are as follows:
- Average mortgage advance
- Number of conveyancing cases by lender
- Average time frame to send deeds to the lender (calculated from completion date or title registration)
- Buy to Let transactions
- Current and historic missed priority dates
Are there any specific Reliance Bank conveyancing panel obligations or Transfer of Equity Conveyancing?
Reliance Bank approved panel lawyers 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 firm has just been advised that it’s Reliance Bank panel membership suspended but we have not yet been given an explanation yet.
I am completing a CQS renewal questionnaire what details must I disclose?
In this situation please explain on the application what action you have taken to discover the reasons behind cancellation of your
Reliance Bank panel status.
In particular please provide details if you have received communications from the lender. E.G. before cessation 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 scheduled to complete a remortgage shortly. I can not locate a Mortgage Deed for the client to execute.
Who do I contact at Reliance Bank to get a duplicate Deed?
You would be advised to communicate with Reliance Bank
to obtain standard documents. The CML Handbook includes an explicit section for lenders to enumerate who to contact to obtain standard documents.
Reliance Bank in their Part 2’s state:
Always remember to disclose your Reliance Bank solicitors panel number.
Find a Lawyer on the Reliance Bank Conveyancing Panel
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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.
Year | Days* |
---|---|
2024 | [no data] |
2023 | [no data] |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
2019 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Reliance Bank Firms
- Draft Report on Title precedent for Reliance Bank borrowers
- Draft Anti Money Laundering PolicyTemplate for Reliance Bank panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Reliance Bank lender panel
- Buy-to-Let help for Reliance Bank
- Consent-to-Let help for Reliance Bank
- Contractor Mortgages with Reliance Bank