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Virgin Solicitor Panel: Recently Asked Questions
Are Virgin Conveyancing panel solicitors duty bound to disclose incentives?
Virgin’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements
Virgin wants me to act for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Virgin conveyancing panel) How does this operate and are there different instructions from Virgin in this case?
The CML, along with
Virgin and other lenders created a standard set of instructions where a solicitor is acting for a lender such as Virgin alone in a residential conveyancing transaction.
These legal instructions are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be read in conjunction with Part I and II.
The CML have published an example requirements letter to the borrower’s conveyancing solicitor for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.
Being on the Virgin conveyancing panel how long am I obliged to archive the complete conveyancing file?
The CML Part II requirements of
Virgin are silent on this. Most mortgage companies deal with the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Virgin’s interest. To be
absolutely sure of Virgin requirements in this regard
please check the Terms and Conditions of Virgin’s
conveyancing panel acceptance.
My post-completion clerk has resigned on short notice.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Virgin once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Virgin?
Virgin will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Virgin conveyancing panel.
My firm has just been advised that it’s Virgin panel membership terminated but we have not yet been given a reason as to why.
I am completing a CQS application questionnaire what details do I need to report?
In the circumstances please explain on the form what steps you have taken to discover the reasons behind cancellation of your
Virgin 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?
My firm is listed on the
Virgin
conveyancing panel and scheduled to complete a purchase within the next few weeks. I dont have a Mortgage Deed for the client to sign.
Who do I contact at Virgin to obtain duplicate documents?
You should communicate with Virgin
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual question for lenders to enumerate who to contact to obtain standard documents.
Virgin in their Part 2’s state:
It helps to disclose your Virgin conveyancing panel number.
Find a Lawyer on the Virgin Conveyancing Panel
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Average number of days to register title including a charge in favour of Virgin
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | 24.2 |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Virgin Firms
- Draft Report on Title precedent for Virgin borrowers
- Draft Anti Money Laundering PolicyTemplate for Virgin panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Virgin lender panel
- Buy-to-Let help for Virgin
- Consent-to-Let help for Virgin
- Contractor Mortgages with Virgin
