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approved by RBS - Virgin One
Ready to buy a new home? Failing to check that a lawyer is on the RBS - Virgin One list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the The Royal Bank of Scotland plc Virgin One Conveyancing Panel? How can my firm be reinstated onto the The Royal Bank of Scotland plc Virgin One Conveyancing Panel?
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Frequently asked questions relating to the RBS - Virgin One Solicitor Panel
What is the rationale as to why all UK lawyers aren't included on the RBS - Virgin One Solicitor panel?
As unjust as it may seem for RBS - Virgin One to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern RBS - Virgin One have restricted their conveyancing panel to a size that they are happy to control. The RBS - Virgin One solicitor panel is not the most exclusive of all lenders
We are only a couple days away from an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender RBS - Virgin One. I am advised that, being on the RBS - Virgin One conveyancing panel and acting on their behalf he must inform RBS - Virgin One if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with RBS - Virgin One to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to RBS - Virgin One if you agree, failing which, your lawyer must cease to continue acting.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the RBS - Virgin One conveyancing panel?
The law firm practices 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.
We're in Liverpool, FTBs buying with a mortgage (lender is RBS - Virgin One , but our lawyer is on the RBS - Virgin One conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS - Virgin One conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Do conveyancing lawyers on the RBS - Virgin One conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Can I register a complaint to RBS - Virgin One about the lawyers being on the RBS - Virgin One conveyancing panel?
There is little point in complaining directly to RBS - Virgin One. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
I had an offer accepted on an apartment on the 6th February 2014, valuation was booked 3 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. Are RBS - Virgin One entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to 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.
Other TopicsTransfer of Equity for RBS - Virgin One
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