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Ready to buy a new home? Failing to check that a lawyer is on the Reliance list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the Reliance Bank Ltd Conveyancing Panel? How can my firm be reinstated onto the Reliance Bank Ltd Conveyancing Panel?
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Frequently asked questions relating to the Reliance Bank Solicitor Panel
I am expecting a mortgage with Reliance Bank. my intention is to use a Licensed Conveyancer. Does the Reliance Bank Solicitor panel allow for Licensed Conveyancers
Reliance Bank’s approved solicitor list is, like many other lenders associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am purchasing a brand new flat and my lawyer is telling me that she is duty bound to disclose incentives from the developer as her practice is on the Reliance Bank conveyancing panel. The Estate Agents are hassling me to sign contracts and I dont want to prolong deal. Can I insist on an exchange regardless of what my lawyer says about being on the Reliance Bank panel?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I need to have a meeting at the offices of the Reliance Bank conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Newcastle so that I can pop in to their offices if required.
Most conveyancing panel lawyers for Reliance Bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
The firm that I appointed last week on my house acquisition in Manchester has suddenly shut down. They were on acting for me because I had to have a firm on the Reliance Bank conveyancing panel and my previous lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Reliance Bank conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
Is it the case that all solicitors on the Reliance Bank conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Reliance Bank conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Why might a lender such as Reliance Bank withdraw a mortgage offer?
Lenders such as Reliance Bank can revoke their mortgage offer although this rarely happens. should Reliance Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- Reliance Bank may amend or withdraw an offer if the Reliance Bank conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the borrower informs Reliance Bank of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Reliance Bank conveyancing panel solicitors would be obliged to notify Reliance Bank of a change in the price of the property.
- Where the lender has to take account a recent change in taxation
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
I was told three weeks ago that my mortgage has been agreed to by Reliance Bank. Is it usual for Reliance Bank to only issue the offer once my solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Reliance Bank to deal with your lawyers application to be on the Reliance Bank conveyancing panel. There's no guarantee that your solicitors will be accepted.
Other TopicsTransfer of Equity for Reliance Bank
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