RBS - Virgin One Conveyancing Panel Information

RBS - Virgin One’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements

The Council of Mortgage Lenders do not keep duplicates of P2 conditions Pre January 2011. We would advise that you contact RBS - Virgin One directly.

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.

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.

In the circumstances please explain on the application what action you have taken to discover the reasons behind cancellation of your RBS - Virgin One panel status. 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 advising you as to their reasons?

You would be advised to get in touch with RBS - Virgin One to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific inquiry for banks to enumerate who to contact to obtain standard documents. RBS - Virgin One in their Part 2’s state: It helps to disclose the firm’s RBS - Virgin One conveyancing panel reference.