RBS - Virgin One Conveyancing Panel Information

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

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

The answer to this question really depends on the reason that your firm has been removed off the RBS - Virgin One conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the RBS - Virgin One conveyancing panel.

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 completing the answer.

13 borrowers search for a property lawyer on the RBS - Virgin One panel every 4 weeks 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 this situation please explain 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 contact RBS - Virgin One to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for banks to cite who to contact to obtain standard documents. RBS - Virgin One in their Part 2’s state: Don’t forget to quote the firm’s RBS - Virgin One conveyancing panel number.