Reliance Bank Conveyancing Panel Information

The CML Part II requirements of Reliance Bank are silent on this. Most lenders deal with the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Reliance Bank’s interest. To be absolutely sure of Reliance Bank requirements in this regard please check the Terms and Conditions of Reliance Bank’s conveyancing panel membership.

The Council of Licensed Conveyancers has entered discussions 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.

In order to be on the Reliance Bank conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Reliance Bank) are as follows:

• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so

Assuming that your practice in is on the Reliance Bank conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Reliance Bank are to lend, they may require indemnity insurance. In any event,you will need to check Reliance Bank’s specific requirements. Notwithstanding whether Reliance Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Reliance Bank alone) as to the risks of buying a property with an insolvent or absentee landlord.

In the circumstances please clarify on the application 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 revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You should communicate with Reliance Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for lenders to establish who to contact to obtain standard documents. Reliance Bank in their Part 2’s state: It is likely that you will need to disclose your Reliance Bank conveyancing panel reference.