Find an Approved Solicitor on the Reliance Bank Ltd
Conveyancing Panel
Q and A’s regarding the Reliance Bank Solicitor Panel
My husband and I are first time buyers. Within the 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Reliance Bank have this morning contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your solicitors should contact Reliance Bank and see if they can apply for membership of the Reliance Bank conveyancing panel, but if that is not viable Reliance Bank will instruct their own solicitors to act. You don't have to instruct a firm on the Reliance Bank conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Our solicitor has informed me that he requires ID documents saying that this is part of his obligations as a solicitor on the Reliance Bank Conveyancing panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Reliance Bank your lawyer also has to check ID documents to satisfy Reliance Bank
I note that you have a post code search directory listing firms on the Reliance Bank conveyancing panel. Do firms pay you a commission if I retain them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Reliance Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am in the process of remortgaging my property does my lawyer need to be on the Reliance Bank Conveyancing panel?
There is nothing to stop you using your solicitor but Reliance Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
When it comes to mortgage companies such as Reliance Bank do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We were going to get a DIP from Reliance Bank this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Reliance Bank recommend a solicitor on the Reliance Bank conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Reliance Bank conveyancing panel. The solicitor represents both you and the Reliance Bank through the process.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Reliance Bank are being difficult. The solicitor who is on the Reliance Bank conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Reliance Bank are requiring a building regulation certificate. Why do Reliance Bank have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Reliance Bank have referred the matter to their valuer. The reason why Reliance Bank may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.