Common questions asked concerning the Reliance Bank Conveyancing Panel from members of the public
My husband and I are novices when it comes to buying a property. Within the 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Reliance Bank have this evening contacted us to advise us that they have now hit a problem as our lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit 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 Quality 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 lawyers to represent them. You don't have to instruct a firm on the Reliance Bank conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Reliance Bank will not agree to this. Why was Reliance Bank even consulted?
Your lawyer being on the Reliance Bank conveyancing panel is duty bound to inform Reliance Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Reliance Bank then they would have to discontinue acting for you and Reliance Bank.
Whilst your website is a good idea there are many lawyers listed near Leeds on the Reliance Bank conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Reliance Bank ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My lawyers in London have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Reliance Bank. Is it case that being on the Reliance Bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Reliance Bank Conveyancing Panel Terms. It might be worth you contacting Reliance Bank directly.
Can I be sure that the solicitor on the Reliance Bank panel is any good?
seeking recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor handling your transaction
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Reliance Bank. Is there anyway to cut out the solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Reliance Bank involved you will need to appoint a solicitor on the Reliance Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Reliance Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Reliance Bank conveyancing panel.
I am currently in the process of buying my council flat. I have a mortgage agreed with Reliance Bank. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Reliance Bank you will need to appoint a solicitor on the Reliance Bank conveyancing panel.