Frequently asked questions relating to the RBS - Virgin One Solicitor Panel
from members of the public
On what basis would a law firm be removed from the RBS - Virgin One solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by RBS - Virgin One
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company RBS - Virgin One will not agree to this. Why was RBS - Virgin One even consulted?
Your lawyer being on the RBS - Virgin One conveyancing panel is duty bound to inform RBS - Virgin One of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to RBS - Virgin One then they would have to discontinue acting for you and RBS - Virgin One.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the RBS - Virgin One conveyancing panel. My lawyer has said that they are on the RBS - Virgin One approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the RBS - Virgin One conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the RBS - Virgin One solicitor panel.
We're in Liverpool, First time buyers 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 conveyancers on the CML Handbook 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.
Last month we had a mortgage agreed in principle with RBS - Virgin One. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from RBS - Virgin One?
Some lenders take longer than others. Have RBS - Virgin One completed the valuation? Have you advised RBS - Virgin One as your lawyers details and checked that your lawyer is on the RBS - Virgin One conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My husband and I are in the process of viewing houses and now considering a potential offer. Is it premature to have a solicitor in place? I I am planning to take a home loan with RBS - Virgin One
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with RBS - Virgin One , ask your prospective lawyers check they are on the RBS - Virgin One conveyancing panel otherwise they can't do the mortgage legal work.