Reliance Bank Conveyancing Panel Information

The criteria to join the Reliance Bank conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The CML Part II requirements of Reliance Bank are silent on this. Most mortgage companies address the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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.

You might expect Reliance Bank via their Part Two conditions to address this but the Handbook is silent on deadlines to send deeds. Do look at the Terms of Reliance Bank’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms contain a provision such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Reliance Bank updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

Reliance Bank approved panel lawyers are bound by the Part II 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

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 putting you on notice?

You should contact Reliance Bank to obtain standard documents. The CML Handbook includes an express inquiry for lenders to cite who to contact to obtain standard documents. Reliance Bank in their Part 2’s state: You will need to disclose your Reliance Bank solicitors panel reference.