Virgin Conveyancing Panel Information

Lexsure only know of a couple of banks that operate a separate approved solicitors 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

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.

You need to be careful here as what you are suggesting may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders 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 conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

On the basis that your firm in is on the Virgin 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 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 this situation please explain on the form what steps you have taken to find out 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 would be advised to get in touch with Virgin to obtain standard documents. The CML Handbook includes an explicit inquiry for lenders to reveal who to contact to obtain standard documents. Virgin in their Part 2’s state: It is likely that you will need to quote the firm’s Virgin conveyancing panel reference.