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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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Common questions asked concerning the Vida Homeloans Conveyancing Panel
My husband and I are buying a 3 bedroom flat in Hackney with a mortgage from Vida Homeloans. We like our lawyer but Vida Homeloans says he's not on their "panel". It seems we have little choice but to instruct one of the Vida Homeloans panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. 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
We are getting closer to an exchange and my parents having sent 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. I am advised that, 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 not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
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.
Are there any apps to help search for 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 solicitor.
Feel free to make use of the find a conveyancing panel tool on this page. 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.
What happens if my solicitor is removed from the Vida Homeloans Solicitor panel before the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to mortgage companies 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.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Vida Homeloans. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Vida Homeloans involved you will need to appoint a solicitor on the Vida Homeloans conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Vida Homeloans. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Vida Homeloans conveyancing panel.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Vida Homeloans?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Vida Homeloans conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Vida Homeloans and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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