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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.
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Reliance Bank Conveyancing Panel : Questions and Answers
The solicitor I had intended to instruct on a purchase said he will levy higher legal fees if my mortgage is with Reliance Bank due to their difficult processes! Am I likely to be frustrated using Reliance Bank? Is Reliance Bank conveyancing so much more difficult?
Reliance Bank conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Reliance Bank conveyancing panel. If they are not, this does add further risk of delay as Reliance Bank will appoint their own solicitors to look after their interest.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Reliance Bank was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My solicitor informs me that as she is on the Reliance Bank conveyancing panel she needs to redo the searches as they are no longer valid.
A precondition to being on the Reliance Bank approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Reliance Bank)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Reliance Bank.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Reliance Bank conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am selling my house. Does my solicitor have to be on the Reliance Bank conveyancing panel in order to deal with paying off 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.
The for formalities of my remortgage has taken place with a mortgage from Reliance Bank. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about Reliance Bank. Who do I contact should I wish to lodge a complaint?
Most lenders 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 effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service with full details of your complaint.
After shopping around on the internet I have found a solicitor having checked that they are on the Reliance Bank conveyancing panel. Does my lawyer arrange the survey of the property?
Or
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.
or
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.
Reliance Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Reliance Bank or your broker and complete any relevant paperwork. Reliance Bank will tell you what documents they want. Reliance Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Reliance Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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