RBS - Virgin One Conveyancing Panel Information

There are many reports available, five of which are as follows:

• Number of conveyancing cases by lender
• Buy to Let transactions
• Current and historic missed priority dates
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Evidence of undertaking logs

During 2013, 114 sections of the UK Finance Lenders’ Handbook P2 were changed by RBS - Virgin One. Some changes are more important than others but as a firm on the RBS - Virgin One 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.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the RBS - Virgin One conveyancing panel to see if you are entitled to a reason.

You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell RBS - Virgin One immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in RBS - Virgin One’s mortgage offer are correct. If they are not, please let RBS - Virgin One know as soon as possible as it will be necessary for RBS - Virgin One to check with the valuer whether the valuation needs to be revised. RBS - Virgin One conveyancing panel solicitors are not expected to assume the role of valuer. RBS - Virgin One are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, RBS - Virgin One recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. RBS - Virgin One recommend that, if we send a copy of a valuation report that RBS - Virgin One have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from RBS - Virgin One or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the RBS - Virgin One conveyancing panel

In this situation please clarify on the form what steps you have taken to find out the reasons behind cancellation of your RBS - Virgin One panel membership. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You need to contact RBS - Virgin One to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express inquiry for lenders to cite who to contact to obtain standard documents. RBS - Virgin One in their Part 2’s state: It is likely that you will need to quote your RBS - Virgin One conveyancing panel number.