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approved by RBS - Virgin One
Ready to buy a new home? Failing to check that a lawyer is on the RBS - Virgin One list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the The Royal Bank of Scotland plc Virgin One Conveyancing Panel? How can my firm be reinstated onto the The Royal Bank of Scotland plc Virgin One Conveyancing Panel?Find an Approved Solicitor on the The Royal Bank of Scotland plc Virgin One Conveyancing Panel
RBS - Virgin One Conveyancing Panel : Questions and Answers
What is the rationale as to why all solicitors aren't included on the RBS - Virgin One Solicitor panel?
As unjust as it may seem for RBS - Virgin One 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 RBS - Virgin One are limiting their conveyancing panel to a size that they are happy to control. The RBS - Virgin One lawyer panel is not the most restricted
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.
I note that you have a post code search directory identifying solicitors on the RBS - Virgin One conveyancing panel. Do firms pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the RBS - Virgin One conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My uncle passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to RBS - Virgin One , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then RBS - Virgin One will insist on your using a conveyancer on the RBS - Virgin One conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS - Virgin One conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS - Virgin One mortgage is registered as a charge at the Land Registry.
We expect to receive a DIP from RBS - Virgin One this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the RBS - Virgin One recommend a solicitor on the RBS - Virgin One conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the RBS - Virgin One conveyancing panel. The solicitor represents both you and the RBS - Virgin One through the process.
RBS - Virgin One have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up RBS - Virgin One or your broker and complete any relevant paperwork. RBS - Virgin One will tell you what documents they want. RBS - Virgin One will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. RBS - Virgin One will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with RBS - Virgin One?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the RBS - Virgin One conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with RBS - Virgin One and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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