Reliance Bank Conveyancing Panel Information

The CML, together with Reliance Bank and other members developed a standard set of requirements where a conveyancer is acting for a lender such as Reliance Bank alone in a residential conveyancing transaction. These requirements are contained at Part Three of the UK Finance Lenders’ Handbook and are to be followed together with Sections One and Two. 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 conveyancer.

In operating open conveyancing panels, lenders such as Reliance Bank face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Reliance Bank and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

9 people search for a conveyancer on the Reliance Bank panel on a monthly basis in Hendon. The lenderpanel directory service team who will show you how your firm can be listed by those searching for conveyancing in Hendon.

In the circumstances please clarify on the form what action you have taken to find out 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 cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to communicate with Reliance Bank to obtain standard documents. The CML Handbook has an explicit inquiry for banks to set out who to contact to obtain standard documents. Reliance Bank in their Part 2’s state: Don’t forget to disclose your Reliance Bank solicitors panel reference.