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Ready to buy a new home? Failing to check that a lawyer is on the Virgin list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Virgin Money plc Conveyancing Panel? How can my firm be reinstated onto the Virgin Money plc Conveyancing Panel?Find an Approved Solicitor on the Virgin Money plc Conveyancing Panel
Frequently asked questions relating to the Virgin Conveyancing Panel
Is the fact that my solicitor is not isted on the Virgin Conveyancing panel that there is a problem with the quality of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Virgin.
Much to my surprise my solicitor has informed me that he requires ID documents asserting that this forms part of his requirements as a solicitor on the Virgin Conveyancing panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Virgin also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Virgin CML Handbook requirements last updated on Virgin
Do I have to pop into the offices of the Virgin conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
.
My solicitors in Newcastle have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Virgin. Is it case that being on the Virgin conveyancing panel they need to have retained the file for a prescribed period?
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 Virgin Conveyancing Panel Terms. It might be worth you contacting Virgin directly.
Are all Conveyancing Quality Solicitors on the Virgin conveyancing panel?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives 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.
Can I be sure that the solicitor on the Virgin panel is any good?
obtaining 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 recommend that you speak with the lawyer conducting your transaction
I am selling my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Virgin are being problematic. The solicitor who is on the Virgin conveyancing panel is recommending indemnity insurance as a solution but Virgin are insisting on a building regulation certificate. Why do Virgin have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Virgin have referred the matter to their valuer. The reason why Virgin may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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Transfer of Equity for VirginPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors