Virgin Conveyancing Panel Information

The Council of Mortgage Lenders (or the BSA) do not involve themselves in training although they do organise numerous general conveyancing related conferences which are attended by firms on the Virgin conveyancing panel. It is our intention to run specific lender focused seminars in the near future including a webinar on Virgin’s Part 2 requirements. Law firms on the Virgin conveyancing panel are welcome. Information about the webinar will be made available as part of the LENDERmonitor Alerts.

We are not aware of any intention on the part of the CML to develop such a search facility.

Virgin make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Virgin are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Is this covered within your Terms of Engagement or Report on Title?

One search supplier lists over 72 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as STL.

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

You would be advised to communicate with Virgin to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express section for lenders to establish who to contact to obtain standard documents. Virgin in their Part 2’s state: It helps to quote the firm’s Virgin conveyancing panel reference.