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Virgin Conveyancing Panel : Questions and Answers
My IFA has has requested my law firm’s panel member for the Virgin conveyancing panel. Can you suggest how I find this out. I have contacted my local Virgin branch but they don't know it.
Have you tried speaking to your lawyer about this?. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Virgin.
I am due to complete my purchase next Friday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Virgin. What risks do Virgin expect the insurance to cover?
All property lawyers on the Virgin conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Virgin’s Part 2 requirements of the CML Handbook (last updated on Virgin). Being on the Virgin conveyancing panel your lawyer is expect to follow these requirements.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Virgin conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Leeds
so that I can attend their offices when needed.
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 Leeds
.
My lawyers in Newcastle have advised me that they can not locate my conveyancing file. To assist with 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 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 Virgin Conveyancing Panel Terms. It might be worth you contacting Virgin directly.
Can you point me to a directory of Virgin panel solicitors on the Council of Mortgage Lender’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.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Virgin conveyancing panel requirements are different to Virgin’s conveyancing panel criteria.
After shopping around on the internet I have found a solicitor having checked that they are on the Virgin conveyancing panel. Does my lawyer arrange the survey of the property?
Or
I've digested plenty of house buying,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Virgin conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin 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 Virgin you could contact your them to see if they have a list of approved surveyors.
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