Reliance Bank Conveyancing Panel Information

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Reliance Bank as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Reliance Bank we suggest that you call Reliance Bank to check the position.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Reliance Bank conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

Reliance Bank approved panel lawyers have to comply with the UK Finance Lenders’ Handbook 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 the circumstances please clarify 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 revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to communicate with Reliance Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific question for lenders to reveal who to contact to obtain standard documents. Reliance Bank in their Part 2’s state: Always remember to disclose the firm’s Reliance Bank solicitors panel number.