Looking for information about your firm's panel status?
Virgin Solicitor Panel: Recently Asked Questions
my firm is on the Virgin conveyancing panel. Can I get an archived copy of a Virgin Part 2 from the CML?
The Council of Mortgage Lenders do not maintain data sets of P2 requirements Pre January 2011. We would recommend you contact Virgin directly.
Do I risk of being suspended off the
Virgin solicitor panel if I have not sent the TID on a purchase within a certain time frame from draw-down of funds?
You might expect
Virgin via their Part 2 obligations to address this but the Handbook makes no mention on time frames. You need to look at the Terms of
Virgin’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms contain a clause such as:
‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep
Virgin updated.
Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.
In my capacity as Compliance Officer for Legal Practice are there regulatory implications that I should be considering if my firm is removed off the
Virgin conveyancing panel?
The answer to this question really depends on the reason that your firm has been removed off the Virgin
conveyancing panel. The top 3 reasons are as
follows:
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction.
What type of firms do building societies accept on their Conveyancing Panels?
In the same way that there is a unique Virgin
conveyancing panel most building societies, operate a conveyancing
panel for solicitors and other conveyancers that the lender will
instruct. Terms and Conditions and criteria for inclusion on a
building society conveyancing panel vary from lender-to-lender. Having
CQS accreditation may be a requirement. Institutional lenders, such
as a building society, is a client and is entitled to instruct the
solicitor or conveyancer of its choosing (who, in turn, is free to
accept or refuse instructions). Therefore, if lender and borrower
cannot agree which solicitor or conveyancer should represent them
jointly, they would usually proceed on a separate representation
basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook
Part 3s.
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with Part 2 requirements . I am on the
Virgin conveyancing panel can you tell me how Part 2 changes took place by
Virgin during 2013?
During 2013, 195 sections of the UK Finance Lenders’ Handbook P2 were changed by
Virgin. Some changes are more important than others but as a firm on the
Virgin conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.
Remember: CML requirements are not guidelines; they are the lender client’s instructions.
Our firm had their Virgin panel membership terminated but we have not yet been given an explanation yet.
I am completing a CQS application questionnaire what information should I report?
In the circumstances please clarify on the application what steps you have taken to discover the reasons behind cancellation of your
Virgin panel membership.
In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?
I am on the
Virgin
conveyancing panel and all set to complete a remortgage within the next few weeks. My papers do not include a Mortgage Deed for the client to sign.
Who do I contact at Virgin to request substitute deeds?
You need to communicate with Virgin
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual section for lenders to reveal who to contact to obtain standard documents.
Virgin in their Part 2’s state:
You will need to disclose the firm’s Virgin conveyancing panel reference.
Find a Lawyer on the Virgin Conveyancing Panel
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Average number of days to register title including a charge in favour of Virgin
This information relates to purchase only and not remortgages.
Year | Days* |
---|---|
2024 | [no data] |
2023 | 55.3 |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
2019 | 39.1 |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Virgin Firms
- Draft Report on Title precedent for Virgin borrowers
- Draft Anti Money Laundering PolicyTemplate for Virgin panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Virgin lender panel
- Buy-to-Let help for Virgin
- Consent-to-Let help for Virgin
- Contractor Mortgages with Virgin