Virgin Conveyancing Panel Compliance Audit

You can hope that you are complying with the conveyancing panel Handbook requirements of Virgin or you can be sure by having a compliance audit.

Virgin is in all likelihood, one of your most important clients for conveyancing work.

Are you 100% sure that you are strictly following the requirements as a practice on the Virgin conveyancing panel?

As far as we are aware Lexsure is uniquely positioned to conduct a full lender panel compliance audit for your conveyancing files where Virgin are the lending client.

Our comprehensive bank of Virgin Handbook instructions enables us to analyse a law firms’ conveyancing cases whilst on the Virgin conveyancing panel retrospectively and in much the same way as Virgin would.

Lexsure’s panel of experienced auditors independently assess utilising propriety templates and Lender P2 archives whether each transaction complied with the requirements at the time the CoT was signed off.

For conveyancing firms where their search provider is not offering the service, our fee for a Virgin compliance panel audit is £1,975+VAT. Lexsure tend to review 6 case files involving Virgin, which we can randomly select by tenure (e.g. leasehold) year of completion or a mix variables.

At the end of the audit, Lexsure will supply you with a full written findings for your files with Virgin and a baseline risk summary. We can also meet with you to go through our auditor’s findings and guidance in a formal debrief. Audit follow-up can be scheduled. Lexsure will contact the head of conveyancing to request the status of actions taken. No more than one lender conveyancing panel audits may be commissioned by a firm in a twelve month period.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables your firm to select the date, time and location of a Virgin conveyancing panel compliance audit. The system is available 24/7, which eliminates most instances where you have to wait for business hours to contact Lexsure to schedule or rearrange a Virgin panel compliance file audit. Please note that before accepting a Virgin conveyancing panel compliance audit we have to conduct a conflict check. It is not always possible for Lexsure to carry out a Virgin panel Handbook risk review

Virgin Conveyancing File Audits : Your Questions

Why would my firm consider a Virgin handbook compliance audit?

Lexsure frequently talk with Virgin conveyancing panel firms who express confidence that they have ‘bulletproof’ compliance protocols. Yet Lexsure sees common breaches of the lender Handbook requirements. In fact, we rarely complete an audit that didn’t uncover serious breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Failure to comply with handbook requirements for Virgin or any lender leaves you open to costly and damaging claims if the lender suffers a loss and even regulatory action by the SRA. Lexsure’s lender compliance audits are an efficient way to ensure there aren’t costly skeletons in your conveyancing cupboard.

Can you give examples of some of the more common Lender Handbook breaches by conveyancing lawyers on the Virgin panel?

Lexsure often host conveyancing webinars on common breaches across all lenders. Please feel free to book a place.

Can I contact you if I require further information not covered in this section concerning an audit of our conveyancing files where Virgin is the lender?

Please fill out the contact form here. We will call you. Please note that the form is not specific to Virgin conveyancing panel firms so do mention Virgin in the notes section.

Are you able to conduct Lender Compliance Audits remotely as our conveyancing lawyers are currently working from home?

Yes, subject to specific criteria which we will forward to you separately.

My firm is on the Virgin conveyancing panel and I am considering using your services for conveyancing file audits. Is Lexsure a member of The Institute of Internal Auditors?