Examples of recent questions relating to the Virgin Conveyancing Panel from members of the public
I would like to know the reason why all UK lawyers are not on the Virgin Solicitor panel?
Even though it may seem unfair for Virgin to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Virgin have restricted their conveyancing panel to a manageable size. The Virgin lawyer panel is not the most exclusive of all lenders
Our son-in-law is buying a new build apartment with a home loan from Virgin. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I have to visit the offices of the Virgin conveyancing panel solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Newcastle
so that I can attend their offices if required.
Most conveyancing panel lawyers for Virgin undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am trying to get my ex-wife taken off the mortgage deeds. Can Virgin really tell me which solicitor I can or can not use?
You can use any solicitor you like but Virgin then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Virgin solicitors panel
When it comes to lenders such as Virgin do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We have 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 valuation? 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
In what circumstances might Virgin amend or withdraw their mortgage offer?
Lenders such as Virgin can withdraw their mortgage offer although this is unusual. In the unlikely event that Virgin withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- Where information comes to Virgin ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Where to proceed with the Mortgage offer would be unlawful
- Where the Lender’s right to possession is fettered in some way
- 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 solicitor on the Virgin conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Virgin ‘s instructions