Removal from the Virgin and other lender panels: Why they do it and how to get reinstated
- Virgin may terminate membership of its conveyancing panel where a firm provides false answers in its application form or in relation to any future requests for information.
- Failure to act in accordance with the Virgin panel requirements, the written instructions that Virgin give you and the UK Finance Lenders’ Handbook or any alternative set of standard instructions to which Virgin may subsequently adopt.
- Missing deadline to reapply to remain on the Virgin convincing panel
- Significant delays in registering a charge on behalf of Virgin Delays or failure to register the Virgin charge may result in referral to external lawyers of Virgin to complete outstanding requirements.
- Your law firm no longer meets the criteria to remain on the Virgin conveyancing panel
Virgin panel reinstatement: Five Common Questions
- Is it the practice manager who is required to sign the reinstatement application to the Virgin panel ?
- Can we appeal if my firm’s application for reinstatement is refused?
- To what extent is my firm permanently excluded if my firm’s reinstatement panel submission with Virgin is rejected?
- Is there a fee to revert back onto the Virgin conveyancing panel?
- Can we act for Virgin while the appeal for reinstatement on the Virgin panel is being progressed? How do I find out if our reinstatement appeal to the Virgin panel is accepted?
Top Tip: The best way to avoid the hassle of seeking Virgin panel reinstatement is to ensure that your firm is not removed off of the Virgin conveyancing panel in the first place.
Note: Subject to certain conditions Lexsure’s experts or consultants can assist in providing you with guidance for reinstatement onto the Virgin conveyancing panel but under no circumstances will Lexsure (or the Conveycentric Team) submit an application to Virgin directly or via their preferred panel manager. Any reinstatement application will have to be made by your firm. For the avoidance of doubt, Lexsure (or the Conveycentric Team) are in no way involved in managing the Virgin conveyancing panel.