Reliance Bank Conveyancing Panel Information

Lexsure only know of a couple of banks that operate a separate approved solicitors panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Reliance Bank. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Reliance Bank

You might expect Reliance Bank via their Part Two conditions to address this but the Handbook makes no mention on time frames. Do look at the Terms of Reliance Bank’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms include a clause 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 imperative 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.

There are many reports available, five of which are as follows:

• Buy to Let transactions
• Average mortgage advance
• Current and historic missed priority dates
• Number of conveyancing cases by lender
• Average time frame to send deeds to the lender (calculated from completion date or title registration)

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 steps you have taken to discover 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 need to contact Reliance Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual question for banks to cite who to contact to obtain standard documents. Reliance Bank in their Part 2’s state: You will need to quote the firm’s Reliance Bank conveyancing panel reference.