Find an Approved Solicitor on the The Royal Bank of Scotland plc Virgin One
Examples of recent questions relating to the RBS - Virgin One Conveyancing Panel
I am progressing with the sale of my apartment and the EA has just telephoned to warn that the buyers are swapping solicitor. The excuse is that RBS - Virgin One will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with certain law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders 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 being contacted daily by practices 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.
Much to my surprise my lawyer has informed me that he requires proof of ID documents saying that this is part of his requirements as a conveyancer on the RBS - Virgin One Conveyancing panel. Is this right?
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 Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that RBS - Virgin One 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 RBS - Virgin One CML Handbook requirements last updated on RBS - Virgin One
I note that you have a search directory identifying firms on the RBS - Virgin One conveyancing panel. Do firms pay you a referral fee if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the RBS - Virgin One conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My lawyers in Liverpool have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with RBS - Virgin One. Is it case that being on the RBS - Virgin One conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements 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 RBS - Virgin One Conveyancing Panel Terms. It might be worth you contacting RBS - Virgin One directly.
Can you point me to a directory of RBS - Virgin One 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.
Last month we had a mortgage agreed in principle with RBS - Virgin One. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from RBS - Virgin One?
Some lenders take longer than others. Have RBS - Virgin One completed the survey? Have you advised RBS - Virgin One as your lawyers details and checked that your lawyer is on the RBS - Virgin One conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My offer was accepted on an apartment on the 7th January 2014, valuation was booked five days after, all came back fine. Solicitor appointed, so all that was missing was my mortgage offer. Having made daily calls to RBS - Virgin One and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the RBS - Virgin One conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for RBS - Virgin One to deal with your lawyers application to be on the RBS - Virgin One conveyancing panel. There's no guarantee that your solicitors will be accepted.