FAQs : The Vida Homeloans Conveyancing Panel from members of the public
I am in the process of selling my flat and the EA has just called to advise that the buyers are changing their conveyancer. I am told that this is due to the fact that Vida Homeloans will only engage with property lawyers on their approved list. On what basis would a major lender only work with certain law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Vida Homeloans was dated random date and we have agreed a date for me to move into the property on Tues etc. My solicitor says that as she is on the Vida Homeloans conveyancing panel she needs to reorder the searches as they are no longer valid.
One of the many conditions 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 states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Vida Homeloans.
I am purchasing a property and need a conveyancing solicitor in Manchester who is on the Vida Homeloans conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Vida Homeloans . We don’t recommend any particular firm.
My solicitors in Newcastle have advised me that no longer have 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 number of years?
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.
My existing mortgage is with Vida Homeloans. My godfather retired last week and wants to pay off my mortgage. 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I have not been happy with the level or service received from my lawyer. Is there a Vida Homeloans conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Vida Homeloans. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
Intending to buy a house with a mortgage with Vida Homeloans. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Vida Homeloans conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Vida Homeloans conveyancing panel