Virgin Conveyancing Panel Information

We only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with Virgin. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Virgin

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.

Please tread carefully here as what you are intending may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

Given that your firm in is on the Virgin conveyancing panel and you are instructed by 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 Virgin are to lend, they may require indemnity insurance. In any event,you will need to check Virgin’s specific requirements. Notwithstanding whether Virgin will lend in such circumstances you still need to advise the borrower (unless you are acting for Virgin alone) as to the risks of buying a property with an insolvent or absentee landlord.

In the circumstances please clarify on the form what steps you have taken to discover the reasons behind cancellation of your Virgin 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 should communicate with Virgin to obtain standard documents. The CML Handbook incorporates a specific 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.