Find an Approved Solicitor on the Vida Homeloans
Frequently asked questions relating to the Vida Homeloans Conveyancing Panel
My wife and I are first time buyers. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Vida Homeloans have this evening contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your property lawyers should contact Vida Homeloans and see if they can apply for membership of the Vida Homeloans conveyancing panel, but if that is not viable Vida Homeloans will instruct their own lawyers to represent them. You don't have to instruct a firm on the Vida Homeloans conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are nearing an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Vida Homeloans. Apparently, being on the Vida Homeloans conveyancing panel and acting on their behalf he must inform Vida Homeloans if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Vida Homeloans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Vida Homeloans if you agree, failing which, your lawyer must cease to continue acting.
What tools are available to find a local solicitor on the Vida Homeloans conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Vida Homeloans solicitor panel.
I was scheduled to complete on my dream home last Friday. My lawyer’s firm is on the Vida Homeloans conveyancing panel but has moved offices in the past couple of months and had not advised Vida Homeloans of their new address. Vida Homeloans is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Vida Homeloans branch or your mortgage broker to see if they can assist.
Are all Conveyancing Quality Solicitors on the Vida Homeloans conveyancing panel?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
When it comes to lenders such as Vida Homeloans do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
In what circumstances might Vida Homeloans amend or withdraw their mortgage offer?
Lenders such as Vida Homeloans can revoke their mortgage offer although this rarely happens. In the unlikely event that Vida Homeloans withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
Where the sale is not at arms length for value to unconnected persons
Where the Lender’s right to possession is fettered in some way
If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances