Virgin Conveyancing Panel Information

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

• Number of conveyancing cases by lender
• Average mortgage advance
• Average time frame to register charges at the Land Registry
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)

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.

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 Virgin 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 completing the answer.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 Virgin immediately. (II) 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 Virgin’s mortgage offer are correct. If they are not, please let Virgin know as soon as possible as it will be necessary for Virgin to check with the valuer whether the valuation needs to be revised. Virgin conveyancing panel solicitors are not expected to assume the role of valuer. Virgin are simply trying to ensure that the valuer has valued the property based on correct information. (III) Virgin 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. Virgin recommend that, if we send a copy of a valuation report that Virgin 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 survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Virgin 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 Virgin conveyancing panel

In the circumstances please clarify on the application what steps you have taken to find out 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 cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to contact Virgin to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit inquiry for banks to reveal who to contact to obtain standard documents. Virgin in their Part 2’s state: Don’t forget to disclose your Virgin conveyancing panel number.