Reliance Bank Conveyancing Panel Information

The CML, together with Reliance Bank and other stakeholders created a standard set of requirements where a conveyancer is acting for a lender such as Reliance Bank alone in a residential conveyancing matter. These obligations are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be read 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.

The CLC has initiated 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 as well as the BSA.

In the same way that there is a unique Reliance Bank 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.

With banks and conveyancers 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 Reliance Bank conveyancing panel but for all lender panel listings

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

You should contact Reliance Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific question for lenders to set out 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 solicitors panel number.