Reliance Bank Conveyancing Panel Compliance Audit

Can your firm afford to be expelled from the Reliance Bank panel? Put your mind at rest by checking that you are complying with the BSA Mortgage Instructions for Reliance Bank.

Reliance Bank is most likely one of the firm’s most valued clients for conveyancing work.

Can you be sure that you are complying with the requirements as a firm on the Reliance Bank conveyancing panel?

You may prefer to use your current Lexcel auditors but Lexsure stand alone in being able to carry out a full lender panel compliance audit for your conveyancing files where Reliance Bank are the the mortgagor.

Our comprehensive bank of Reliance Bank Handbook instructions gives us the ability to review a law firms’ conveyancing files whilst on the Reliance Bank conveyancing panel retrospectively and in the same vein as Reliance Bank would.

Lexsure’s panel of expert auditors objectively assess using propriety templates and Lender Handbook archives whether each conveyancing matter breached your contractual obligations when the Certificate of Title was completed.

For conveyancing firms where their search provider is not offering the service, our costs is £1,975+VAT. We tend to analyse eight remortgage or purchase files involving Reliance Bank, which we can stratify by tenure (e.g. leasehold) date or other variables.

At the end of the audit, Lexsure will present you with a detailed findings for your transactions with Reliance Bank and a baseline risk score. We can also arrange a conference call with you to explain our expert findings and recommendations in a formal debrief. Subsequent audits will occur. Lexsure will contact the head of conveyancing to request the status of planned actions. No more than two lender conveyancing panel audits may be commissioned by a practice in a calendar year.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables you to choose the date, time and location of a Reliance Bank conveyancing panel compliance audit. The system is available 24/7, which eliminates most instances where you have to wait for business hours to contact Lexsure to schedule or rebook a Reliance Bank panel compliance review. Please note that before accepting a Reliance Bank conveyancing panel compliance review we have to conduct a conflict check. It is sometimes not possible for Lexsure to agree to a Reliance Bank panel Part 2 compliance file audit

Frequently asked questions concerning Reliance Bank conveyancing file audits


Why would my firm consider a Reliance Bank handbook compliance audit?

Lexsure often talk with Reliance Bank conveyancing panel companies who express confidence that they have comprehensive compliance protocols. Yet Lexsure sees common breaches of the lender Handbook requirements. In fact, we have yet to complete an audit that didn’t reveal any breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Non-compliance with handbook requirements for Reliance Bank or any lender leaves you open to costly and damaging claims if the lender suffers a loss and even disciplinary action by your regulator. Lexsure’s lender compliance audits are an efficient way to ensure there aren’t costly skeletons in your conveyancing cupboard.

Can I contact you if I require further information not covered in this section concerning an audit of our conveyancing files where Reliance Bank is the lender?

You will need to fill out the contact form here. We will respond. Please note that the form is not specific to Reliance Bank conveyancing panel firms so do mention Reliance Bank in the notes section.

My firm is on the Reliance Bank conveyancing panel and I am considering using your services for conveyancing file audits. Is Lexsure a member of The Institute of Internal Auditors?

No

Does Lexsure outsource their P2 Handbook compliance audits to a third party panel of conveyancing experts?

No. We do not subcontractlender compliance audits to an external panel of conveyancing experts. Audits are completed by our in-house team.

I have been informed that if I commission an audit via certain search providers that I can have the lender compliance conveyancing audit for free. Is that right?

At the time of preparing this answer we are not aware of any such offer but please contact your search provider directly and ask them to call us. Occasionally discount voucher codes are available via certain search providers on a specific panel.