Virgin Conveyancing Panel Information

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’.

Please note 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 borrower.

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. Does your ROT and Ts and Cs cover this?

A leading search provider 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 contact your search provider or call one of the leading search companies such as Searches UK.

Lexsure only know of two or three banks that operate a separate conveyancing panel where the mortgage advance is over a certain amount. 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

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Virgin conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all those who fund the firm, including non-lawyers if applicable

Whether the firm has ever applied for accreditation and the outcome of the application

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

Areas of Law covered by the firm

Number of partners per branch of the firm

Charge registration history

List of all Licensed Conveyancers within firm

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

House price discrepancies (declared to lender vs. registered at Land Registry)

Full career history for each solicitor including admission date to the relevant Law Society

During 2013, 195 sections of the UK Finance Lenders’ Handbook P2 were changed by Virgin. Some changes are more important than others but as a firm on the Virgin 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 clarify on the application 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 revocation 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 Virgin to obtain standard documents. The CML Handbook contains an explicit section for banks to reveal who to contact to obtain standard documents. Virgin in their Part 2’s state: It is likely that you will need to disclose your Virgin solicitors panel reference.