FAQs for the RBS - Virgin One Conveyancing Panel from members of the public
I am selling my maisonette and the estate agent has just called to warn that the purchasers are switching law firm. The excuse is that RBS - Virgin One will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific law firms?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our solicitor is asking me for personal identification documents stating that this forms part of his legal duty as a conveyancer on the RBS - Virgin One Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with RBS - Virgin One your lawyer also has to check ID documents to satisfy RBS - Virgin One
Whilst your website is a good idea there are many lawyers listed near London on the RBS - Virgin One conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for RBS - Virgin One ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
We're in Wales, FTBs purchasing with a mortgage (lender is RBS - Virgin One , but our solicitor is on the RBS - Virgin One conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS - Virgin One conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is there a list of RBS - Virgin One panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I am about to exchange contracts on a purchase with a mortgage from RBS - Virgin One. The report from my solicitor mentions that RBS - Virgin One could withdraw their offer before completion. Is this right?
Lenders such as RBS - Virgin One can revoke their mortgage offer although this is unusual. should RBS - Virgin One withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. RBS - Virgin One may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender has to take account a recent change in taxation
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
Next month my fiance and I are buying a penthouse in Hendon. Conveyancing solicitors in Hendon are preferred to beinstructed. My agentadvised that we enquire that the solicitor in Hendon is on the RBS - Virgin One approved list of lawyers. Surely I don't need to do this, do I?
A limited percentage of Hendon conveyancing solicitors are on the RBS - Virgin One conveyancing panel. 5 people a month use our search tool to locate a Hendon conveyancing lawyer on the on the RBS - Virgin One panel.
