Just in case you weren't sure, this is the correct answer!!
If you choose a specific time on a Virgin train then you get a reserved seat. There's a little LCD display above the seat with a number on and it says "reserved". That's your seat on that train, and your ticket is not valid on any other train.
If you can afford the extra, then an "open" ticket is a lot less stressful - especially on the return home if you can't be sure you'll make it on time. Do be aware though, that "rush hour" often covers 7am-11am and 3pm-7pm or around there. It does for Manchester to London anyway.
I'm a big fan of Virgins btw - very comfy. Standard class is better than first class on most other services, and they're seriously fast. I love the way all the pylons lean over to 20 degrees when you go round corners at 120mph
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