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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.
Looking for information about your firm's panel status?How does my firm apply to be on the Vida Homeloans Conveyancing Panel? How can my firm be reinstated onto the Vida Homeloans Conveyancing Panel?
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Vida Homeloans Conveyancing Panel Example Support Desk Enquires
I would like to know the reason why all solicitors are not on the Vida Homeloans Conveyancing panel?
As unjust as it may seem 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 are limiting their panel of approved conveyancing lawyers to a size that they are happy to control. The Vida Homeloans solicitor panel is not the most exclusive of all lenders
My solicitor has identified a difference when comparing the information in Vida Homeloans’s valuation report and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the Vida Homeloans conveyancing panel he is obliged to ensure that the lender is happy with this discrepancy and is content go ahead. Is my conveyancer’s course or action appropriate?
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 all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Vida Homeloans conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am trying to get my former partner removed the mortgage deeds. Can Vida Homeloans really tell me which solicitor I can or can not use?
You can use any solicitor you like but Vida Homeloans then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Vida Homeloans solicitors panel
Is there a list of Vida Homeloans panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Are all solicitor practices on the Vida Homeloans conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Vida Homeloans conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My existing mortgage is with Vida Homeloans. My grandfather has just retired and wants to pay off the mortgage left on the property. After Vida Homeloans is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Vida Homeloans conveyancing panel? I do not intend to live at the property once the Vida Homeloans mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Vida Homeloans panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.