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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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Common questions asked concerning the RBS - Virgin One Conveyancing Panel
I instructed a solicitor to conveyancing on my purchase six weeks ago having applied for a mortgage with RBS - Virgin One. The firm reassured me that they are on RBS - Virgin One conveyancing panel and advised me their panel reference. RBS - Virgin One then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor currently on the conveyancing panel for RBS - Virgin One?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the RBS - Virgin One as to how long they think it will take to get the firm to get back on the panel.
My solicitor is asking me for identification documents saying that this is part of his retainer as a conveyancer on the RBS - Virgin One Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with RBS - Virgin One your lawyer also has to check ID documents to satisfy RBS - Virgin One
Your search tool is useful but there are many lawyers listed near Chelsea on the RBS - Virgin One conveyancing panel. Can you recommend a specific firm on the conveyancing panel for RBS - Virgin One ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
What happens if my solicitor is expelled from the RBS - Virgin One Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We have a mortgage agreed in principle with RBS - Virgin One. Solicitors have been appointed? 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 valuation? Have you advised RBS - Virgin One as your lawyers details and checked that your lawyer is on the RBS - Virgin One conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. RBS - Virgin One have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with RBS - Virgin One your lawyer must to check the RBS - Virgin One conveyancing instructions contained in the Part of CML Handbook for RBS - Virgin One . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to RBS - Virgin One where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
My existing mortgage is with RBS - Virgin One. My godfather has just retired and wants to pay off the mortgage left on the property. After RBS - Virgin One is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the RBS - Virgin One conveyancing panel? I do not intend to live at the property once the RBS - Virgin One mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the RBS - Virgin One panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.