Common questions asked concerning the RBS - Virgin One Conveyancing Panel from members of the public
I am in the process of selling my maisonette and the estate agent has just texted me to warn that the purchasers are swapping property lawyer. The excuse is that RBS - Virgin One will only work with property lawyers on their approved list. On what basis would a big named lender only work with certain solicitors?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, 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.
My property lawyer has informed me that he requires proof of ID documents saying that this is part of his legal duty as a solicitor on the RBS - Virgin One Solicitor panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that RBS - Virgin One also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with RBS - Virgin One CML Handbook requirements last updated on RBS - Virgin One
I have been searching for competitive conveyancing fees. Can I be assured that all the firms that are identified on your website are on the RBS - Virgin One conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the RBS - Virgin One panel and agreed to advise us to take down their listing in the event of removal off of the RBS - Virgin One panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the RBS - Virgin One conveyancing panel is incorrect.
I am thinking of refinancing my apartment does my lawyer have to be on the RBS - Virgin One Solicitor panel?
In theory, you could use a solicitor that is not on RBS - Virgin One conveyancing panel, but RBS - Virgin One would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the RBS - Virgin One conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
Intending to buy a house with a mortgage with RBS - Virgin One. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS - Virgin One conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the RBS - Virgin One conveyancing panel
My ex -wife’s name is on the RBS - Virgin One mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the RBS - Virgin One mortgage in order to sell?
As regards the RBS - Virgin One mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of RBS - Virgin One in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.