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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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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?Find an Approved Solicitor on the Vida Homeloans Conveyancing Panel
Frequently asked questions relating to the Vida Homeloans Solicitor Panel
My wife and I are FTBs. Within the last couple of days our lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Vida Homeloans have this afternoon contacted us to advise us that they have now hit a problem as our solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance 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 solicitors 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 have another set of people involved.
Our lawyer has uncovered a problem with the lease for the flat we are purchasing. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the Vida Homeloans conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Vida Homeloans?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Vida Homeloans are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Vida Homeloans can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Vida Homeloans conveyancing panel. My lawyer has said that they are on the Vida Homeloans approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Vida Homeloans conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Vida Homeloans solicitor panel.
My solicitors in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Vida Homeloans. Is it case that being on the Vida Homeloans conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Vida Homeloans Conveyancing Panel Terms. It might be worth you contacting Vida Homeloans directly.
I had instructed online solicitors based in Cardiff who are on the Vida Homeloans solicitor panel. They are now charging me a separate fee of £135 for dealing with the Vida Homeloans mortgage. Is this an additional conveyancing fee specified by Vida Homeloans?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Vida Homeloans but by your lawyers. Some firms on the Vida Homeloans will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
How can we tell if a solicitor on the Vida Homeloans panel is any good?
Getting recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your conveyancing
I am currently in the process of buying my council flat. I have a mortgage agreed with Vida Homeloans. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Vida Homeloans you will need to appoint a solicitor on the Vida Homeloans conveyancing panel.
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