RBS - Virgin One Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the CML and professional indemnity insures. COMPLETIONmonitor is a unique risk mitigation tool.

This system assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with notifications given on RBS - Virgin One’s changes. While utilising COMPLETIONmonitor is not a prerequisite for RBS - Virgin One , demonstrating you can remain up to date with RBS - Virgin One’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your panel standing.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for many firms, results in a PII saving.

Find a Law Firm approved by RBS - Virgin One

Mortgage companies often vary their requirements. The UK Finance Lenders’ Handbook requirements from RBS - Virgin One are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes


Since 2008, RBS - Virgin One has made 237 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 11.5 days. In total, 54% of the sections of P2 of the UK Finance Lenders’ Handbook for RBS - Virgin One have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
10.2b 05/07/2016 CML
6.7.1 12/02/2016 CML
6.7.4 13/01/2015 CML
5.5.1b 01/12/2014 CML
6.14.1a 01/12/2014 CML
6.14.3 01/12/2014 CML
6.14.1 01/12/2014 CML
3.1.3 01/12/2014 CML
3.1.5 01/12/2014 CML
6.7.1 16/09/2014 CML

Last update 12/09/2019

Common questions asked concerning the RBS - Virgin One Conveyancing Panel from members of the public

Can you please explain the reason why all property lawyers aren't included on the RBS - Virgin One Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Expecting to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for RBS - Virgin One. What risks do RBS - Virgin One expect the insurance to cover?
Any lawyer on the RBS - Virgin One conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in RBS - Virgin One’s Part 2 requirements of the CML Handbook (last updated on RBS - Virgin One). Being on the RBS - Virgin One conveyancing panel your lawyer is expect to follow these instructions.
How up to date is your search tool for the RBS - Virgin One conveyancing panel? Do RBS - Virgin One send you an updated list?
The law firm practices themselves provide us confirmation that they are on the RBS - Virgin One conveyancing panel as opposed to being supplied with a list from RBS - Virgin One directly.
My house is up for sale and I have a buyer. Does my solicitor have to be on the RBS - Virgin One conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the RBS - Virgin One conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
is it true that all conveyancing solicitors on the RBS - Virgin One conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the RBS - Virgin One conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the RBS - Virgin One conveyancing panel requirements are different to RBS - Virgin One’s conveyancing panel criteria.
We are getting a further advance on our mortgage from RBS - Virgin One as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the RBS - Virgin One conveyancing panel to deal with the legals?
RBS - Virgin One do not ordinarily appoint firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the RBS - Virgin One panel