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approved by VidaHomeloans
Ready to buy a new home? Failing to check that a lawyer is on the VidaHomeloans list of approved solicitors can put your transaction at risk of delay or failure.
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Frequently asked questions relating to the Vida Homeloans Conveyancing Panel
We are purchasing a 2 bedroom flat in Newcastle with a mortgage from Vida Homeloans. We like our solicitor but Vida Homeloans says he's not on their "panel". We have to appoint one of the Vida Homeloans panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Vida Homeloans use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Vida Homeloans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Vida Homeloans
My conveyancer has identified a discrepancy when comparing the information in Vida Homeloans’s home valuation survey and what is in the conveyancing documents. My lawyer has advised that as he is on the Vida Homeloans conveyancing panel he must check that the bank is with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
A precondition to being on the Vida Homeloans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Vida Homeloans) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do I have to pop into the offices of the Vida Homeloans conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Bristol so that I can pop in to their offices if necessary.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol .
I am selling my house. Does my solicitor have to be on the Vida Homeloans conveyancing panel in order to deal with paying off 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.
My wife and I have arranged a further advance on our mortgage from Vida Homeloans as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Vida Homeloans conveyancing panel to deal with the legals?
Vida Homeloans do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Vida Homeloans list
Two weeks ago we had a mortgage agreed in principle with Vida Homeloans. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Vida Homeloans?
Some lenders take longer than others. Have Vida Homeloans done the survey? Have you advised Vida Homeloans as your lawyers details and checked that your lawyer is on the Vida Homeloans conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
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.