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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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Virgin Conveyancing Panel : Questions and Answers
I instructed a firm of solicitors to carry out on my purchase 4 weeks ago having applied for a mortgage with Virgin. The solicitors assured me that they are on Virgin conveyancing panel and gave me their panel number. Virgin then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the conveyancing panel for Virgin?
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 Virgin conveyancing panel You may wish to enlist the help of your broker to check with the Virgin as to the time frame to get your lawyer reinstated on the panel once again.
I am buying a brand new flat and my lawyer is advising me that she has to reveal incentives from the builder as her practice is on the Virgin conveyancing panel. I am under pressure to exchange contracts and I would rather not delay deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Virgin approved panel is to comply with the CML Handbook requirements (last updated for this lender on Virgin). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Virgin conveyancing panel. My lawyer has said that they are on the Virgin approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Virgin conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Virgin solicitor panel.
The solicitors that just started acting on my house acquisition in London has suddenly shut down. I chose them because I needed a solicitor on the Virgin conveyancing panel and my preferred lawyer was not. I gave them a cheque for £150 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Virgin conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Can you point me to a directory of Virgin panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Virgin 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 Virgin or your broker and complete any relevant paperwork. Virgin will tell you what documents they want. Virgin 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. Virgin 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.
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 in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Virgin?
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 Virgin 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 Virgin and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.