Q and A’s regarding the Reliance Bank Conveyancing Panel
from members of the public
I am selling my flat and the EA has just telephoned to advise that the purchasers are switching conveyancer. The excuse is that Reliance Bank will only deal with property lawyers on their conveyancing panel. Why would a major lender only work with certain solicitors?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our son-in-law is purchasing a newly built flat with a mortgage from Reliance Bank. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Reliance Bank conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Reliance Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I have to pop into the offices of the Reliance Bank conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in London
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.
I am in the process of mortgaging my house does my lawyer need to be on the Reliance Bank Conveyancing panel?
In theory, you could use a solicitor that is not on Reliance Bank conveyancing panel, but Reliance Bank would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Reliance Bank conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
We are getting a further advance on our mortgage from Reliance Bank as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Reliance Bank conveyancing panel to deal with the legals?
Reliance Bank would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Reliance Bank list
The for formalities of my purchase has taken place with a mortgage from Reliance Bank. Conveyancing was of an acceptable standard but I would like to complain about Reliance Bank. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the Reliance Bank branches or the Customer Services Department at Reliance Bank head office. In most cases complaints to Reliance Bank are resolved very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service with full details of your complaint.
