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VirginOne

Registers of Scotland has become aware that in the pro forma VirginOne Account standard security arranged through Royal Bank of Scotland plc (being thereafter referred to in the deed as “the Bank”) the operative clause includes a “grant of a standard security in favour of the Lender” however the term “Lender” is not defined within in the deed.

This has been raised with VirginOne Account to allow them the opportunity to amend the on-line document.  Until this has been completed solicitors are asked to ensure that any such deed is properly drawn; any deeds currently with the Keeper for registration that effectively have no grantee will be returned to the submitting solicitor for amendment.