Reliance Bank Conveyancing Panel Information

The CML Part II requirements of Reliance Bank are silent on this. Most mortgage companies deal with the question 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 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.

You will be aware of the trend in recent years for lenders such as Reliance Bank to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Reliance Bank panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Reliance Bank have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Reliance Bank’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Reliance Bank. You will no doubt be required to undertake directly to Reliance Bank’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Reliance Bank conveyancing panel.

With mortgage companies and conveyancing firms working so closely together 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 bank panel listings

In the circumstances please explain on the form 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 informing you as to why they reached this decision?

You would be advised to contact Reliance Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express inquiry for lenders to reveal who to contact to obtain standard documents. Reliance Bank in their Part 2’s state: It helps to disclose your Reliance Bank solicitors panel reference.