RBS - Virgin One Conveyancing Panel Information

The fact of the matter is that estate agents are feeling the pain if their clients start out on the conveyancing process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

We can't comment specifically on RBS - Virgin One. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the borrower and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if he is in dispute with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

RBS - Virgin One approved panel lawyers are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if RBS - Virgin One require, the deed of covenant on their behalf. You will need to check RBS - Virgin One CML Part 2 conditions to see if RBS - Virgin One have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the RBS - Virgin One conveyancing panel

11 people attempt to locate a property lawyer on the RBS - Virgin One panel on a monthly basis in Hendon. The lenderpanel directory service team who will show you how your firm can be identified by those searching for conveyancing in Hendon.

In the circumstances please clarify on the application what steps you have taken to discover 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 putting you on notice?

You should communicate with RBS - Virgin One to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express inquiry for banks to set out who to contact to obtain standard documents. RBS - Virgin One in their Part 2’s state: Don’t forget to quote your RBS - Virgin One conveyancing panel reference.