Removal from the Virgin and other lender panels: Why they do it and how to get reinstated
- Your law firm no longer meets the criteria to remain on the Virgin conveyancing panel
- Breaches of Virgin conveyancing panel requirements
- Failure to reapply to remain on the Virgin convincing panel
- Persistent non-compliance with post completion requirements on behalf of Virgin
- Failure to act in accordance with the Virgin panel terms, 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 subscribe.
Answers to Frequently asked questions concerning Virgin panel reinstatement
- Am I restricted as to the number of occasions my firm can submit applications to get back on the Virgin conveyancing panel?
- Is there a charge to revert back onto the Virgin conveyancing panel?
- Is it the practice manager who is required to complete the reinstatement application to the Virgin panel ?
- Can we act for Virgin while the appeal for reinstatement on the Virgin panel is being reviewed? How do I discover if our reinstatement appeal to the Virgin panel is approved?
- What are the next steps open to me if our Virgin panel reinstatement application is refused and our client has a mortgage application with the Virgin?
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.