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Virgin Solicitor Panel: Recently Asked Questions
Can you suggest any advice if we wish to appeal being removed from the
Virgin conveyancing panel?
If you are removed from the
Virgin conveyancing panel and you are unaware of or disagree with the reasons for your removal you should: (a) Contact
Virgin directly. (b) If there is an appeals process detailed on your letter you should follow the process.
In appealing a decision by Virgin, it may be useful to provide the following information:
- Full disclosure of your firm’s transaction history
- A copy of your COMPLETIONmonitor reports if you use that service
- Your recent claims history
- Full details of all staff in your firm and their position.
- Note down if a solicitor has been admitted to the role on completion of the Qualified Lawyers Transfer Test.
- Supply copy practising certificates, the firm's current professional indemnity policy and your accountant's certificate, confirming the % of the firm's gross fee income is resulting from residential conveyancing
On appeal some solicitors have been able to regain membership to panels notwithstanding the policy by the respective lenders to refuse panel membership to firms with certain profiles or characteristics. The success is primarily due to the firms’ ability to persuade the lender to make an exception if there is sufficient evidence to reassure them that the firm is well risk-managed.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Virgin and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Virgin
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Virgin and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Does my firm run the risk of being suspended off the
Virgin conveyancing panel if I have not sent the title deed on a purchase within a certain time frame from draw-down of funds?
You might expect
Virgin via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of
Virgin’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms contain a clause such as:
‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep
Virgin updated.
Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with Part 2 requirements . I am on the
Virgin conveyancing panel can you tell me how Part 2 changes took place by
Virgin during 2013?
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.
My conveyancing assistant has left my firm 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.
We had our Virgin panel membership revoked but we have not yet been given an explanation yet.
I am completing a CQS application form what information do I need to put forward?
In the circumstances please clarify on the form what action 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 termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
Our practice is on the
Virgin
conveyancing panel and all set to complete a purchase within the next few weeks. I can not locate a Mortgage Deed for the client to execute.
Who do I contact at Virgin to obtain duplicate documents?
You need to contact Virgin
to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express inquiry for lenders to establish who to contact to obtain standard documents.
Virgin in their Part 2’s state:
Please remember to quote the firm’s 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* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [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
