FAQs for the Virgin Solicitor Panel
from members of the public
Am I correct in assuming that the fact that my conveyancer is not identified on the Virgin Solicitor panel that there is a problem with the quality of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Virgin.
We are nearing an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Virgin. Apparently, being on the Virgin conveyancing panel and acting on their behalf he must inform Virgin if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Virgin to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Virgin if you agree, failing which, your lawyer must cease to continue acting.
Your search tool is useful but there are many lawyers listed near Leeds on the Virgin conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Virgin approved panel?
We are not in the business of recommending one firm above another 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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I am purchasing a semi-detached house and getting a mortgage with Virgin. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Virgin conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Virgin conveyancing panel in your location.
We are getting a further advance on our mortgage from Virgin as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Virgin conveyancing panel to deal with the legals?
Virgin 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 Virgin panel
Last month we had a mortgage agreed in principle with Virgin. Solicitors have been instructed? How long does it take for Virgin to send the offer to our conveyancer
There is no definitive answer here. Have Virgin completed the survey? Have you advised Virgin as your lawyers details and checked that your lawyer is on the Virgin conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My existing mortgage is with Virgin. My uncle retired last week and wants to pay off my mortgage. After Virgin is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Virgin conveyancing panel? I do not intend to live at the property once the Virgin mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Virgin panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.