RBS - Virgin One Conveyancing Panel Information

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with RBS - Virgin One as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from RBS - Virgin One we suggest that you call RBS - Virgin One to check the position.

In the same way that there is a unique RBS - Virgin One 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.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the RBS - Virgin One conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

RBS - Virgin One approved solicitors have to comply with the Part II 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

In the circumstances please clarify on the form what action 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 informing you as to why they reached this decision?

You would be advised to communicate with RBS - Virgin One to obtain standard documents. The CML Handbook contains a specific question for banks to establish 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.