Find an Approved Solicitor on the The Royal Bank of Scotland plc Virgin One
FAQs for the RBS - Virgin One Solicitor Panel
I am in the process of selling my house and the estate agent has just texted me to say that the purchasers are swapping law firm. I am told that this is due to the fact that RBS - Virgin One will only work with property lawyers on their conveyancing panel. Why would a major lender only work with specific lawyers?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I am due to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for RBS - Virgin One. What does the insurance need to cover?
Any lawyer on the RBS - Virgin One 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 RBS - Virgin One’s Part 2 requirements of the CML Handbook (last updated on RBS - Virgin One). Being on the RBS - Virgin One conveyancing panel your lawyer is expect to follow these instructions.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the RBS - Virgin One conveyancing panel?
The firms themselves provide us confirmation that they are on the RBS - Virgin One conveyancing panel as opposed to being supplied with a list from RBS - Virgin One directly.
I am selling my house. Does my solicitor have to be on the RBS - Virgin One conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the RBS - Virgin One 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.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the RBS - Virgin One conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation 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 join their approved list of firms.
We have agreed a price on a house I spoke to a solicitor recommended by my dad and he recommended retaining a solicitor approved by RBS - Virgin One. The estate agent recommended two local firms so I asked RBS - Virgin One if the 2 suggested solicitors are approved, which they are not. RBS - Virgin One suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of RBS - Virgin One 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask RBS - Virgin One to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the RBS - Virgin One conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto RBS - Virgin One conveyancing panel as it may only take about 2-3 weeks. As long as they meet RBS - Virgin One’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I'm in the throws of viewing flats and am about to put in an offer. Is it premature to have a solicitor in place? I I am planning to take a mortgage with RBS - Virgin One
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with RBS - Virgin One , ask your prospective lawyers check they are on the RBS - Virgin One conveyancing panel otherwise they can't do the mortgage legal work.