RBS - Virgin One Conveyancing Panel Information

During 2013, 114 sections of the UK Finance Lenders’ Handbook P2 were changed by RBS - Virgin One. Some changes are more important than others but as a firm on the RBS - Virgin One conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the RBS - Virgin One conveyancing panel to see if you are entitled to a reason.

Given that your firm in is on the RBS - Virgin One conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If RBS - Virgin One are to lend, they may require indemnity insurance. In any event,you will need to check RBS - Virgin One’s specific requirements. Notwithstanding whether RBS - Virgin One will lend in such circumstances you still need to advise the borrower (unless you are acting for RBS - Virgin One alone) as to the risks of buying a property with an insolvent or absentee freeholder.

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

You need to contact RBS - Virgin One to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit 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 disclose the firm’s RBS - Virgin One solicitors panel number.