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Reliance Bank Conveyancing Panel : Questions and Answers
I instructed a firm of solicitors to carry out on my house purchase three weeks ago having applied for a mortgage with Reliance Bank. The solicitors confirmed to me that they are on Reliance Bank conveyancing panel and gave me their panel reference. Reliance Bank then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor currently on the conveyancing panel for Reliance Bank?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Reliance Bank as to the time frame to get your lawyer reinstated on the panel once again.
My lawyer has discovered a discrepancy between the surveyor’s assumptions in Reliance Bank’s home valuation report and what is revealed within the title deeds. My lawyer says that as he is on the Reliance Bank conveyancing panel he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
A precondition to being on the Reliance Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Reliance Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your search tool for the Reliance Bank conveyancing panel? Do Reliance Bank send you an updated list?
The firms themselves provide us confirmation that they are on the Reliance Bank conveyancing panel as opposed to being supplied with a list from Reliance Bank directly.
We're in Liverpool, FTBs buying with a mortgage (lender is Reliance Bank , but our lawyer is on the Reliance Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Reliance Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing lawyers on the Reliance Bank conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I am buying a property where the roof has a solar panel. Reliance Bank have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Reliance Bank your lawyer must to check the Reliance Bank conveyancing instructions contained in the Part of CML Handbook for Reliance Bank . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Reliance Bank where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Reliance Bank on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Reliance Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Reliance Bank. Unless your lawyer obtains specific confirmation in writing that Reliance Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Reliance Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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