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Vida Homeloans Conveyancing Panel : Questions and Answers
What is the rationale as to why all UK lawyers aren't included on the Vida Homeloans Solicitor panel?
Even though it may seem unfair for Vida Homeloans to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Vida Homeloans have restricted their conveyancing panel to a size that they are happy to control. The Vida Homeloans conveyancing panel is not the most difficult to join
My husband and I are refinancing our penthouse with Vida Homeloans. We have a son approaching twenty who lives with us. The solicitor on the Vida Homeloans conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Vida Homeloans conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Vida Homeloans conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Vida Homeloans .This is solely used to protect the Vida Homeloans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Vida Homeloans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I have to have a meeting at the offices of the Vida Homeloans conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Bristol
so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Vida Homeloans undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am selling my house. Does my solicitor have to be on the Vida Homeloans conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Vida Homeloans conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
We have a mortgage agreed in principle with Vida Homeloans. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Vida Homeloans?
There is no definitive answer here. Have Vida Homeloans completed the valuation? Have you advised Vida Homeloans as your lawyers details and checked that your lawyer is on the Vida Homeloans conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
We expect to receive a DIP from Vida Homeloans this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Vida Homeloans recommend a solicitor on the Vida Homeloans conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Vida Homeloans conveyancing panel. The solicitor represents both you and the Vida Homeloans through the process.
Vida Homeloans have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Vida Homeloans or your broker and complete any relevant paperwork. Vida Homeloans will tell you what documents they want. Vida Homeloans will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Vida Homeloans will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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Transfer of Equity for Vida HomeloansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors