Reliance Bank Conveyancing Panel Sample Enquires to our Call Center from members of the public
I instructed a firm of solicitors to conveyancing on my purchase three weeks ago having applied for a mortgage with Reliance Bank. The law firm confirmed to me that they are on Reliance Bank conveyancing panel and advised me their panel number. 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?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Reliance Bank conveyancing panel 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.
Our conveyancer has identified a problem with the lease for the property we are buying. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the Reliance Bank conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Reliance Bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Reliance Bank are the client. 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 Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Reliance Bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
I am Googling for conveyancing quotes online. Can I be assured that all the practices that are identified on your website are on the Reliance Bank conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Reliance Bank panel and agreed to advise us to take down their listing in the event of removal off of the Reliance Bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Reliance Bank conveyancing panel is not accurate.
I am selling my house. Does my solicitor have to be on the Reliance Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Reliance Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is it the case that all conveyancing solicitors on the Reliance Bank conveyancing panel overseen by the SRA?
As 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).
After shopping around on the internet I have found a solicitor having made sure that they are on the Reliance Bank conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Reliance Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Reliance Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Reliance Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Reliance Bank you could contact your them to see if they have a list of approved surveyors.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Reliance Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Reliance Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Reliance Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.