Vida Homeloans Conveyancing Panel : Questions and Answers from members of the public
Can you please explain the reason why all property lawyers aren't included on the Vida Homeloans Solicitor panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Much to my surprise my property lawyer has requested from me identification documents asserting that this is part of his legal duty as a solicitor on the Vida Homeloans Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Vida Homeloans also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Vida Homeloans CML Handbook requirements last updated on Vida Homeloans
I am purchasing a property and need a conveyancing solicitor in who is on the Vida Homeloans solicitor. Can you recommend a local solicitor?
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.
The lawyers that I appointed last week on my house acquisition in Hendon has suddenly shut down. I chose them because I had to have a firm on the Vida Homeloans conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Vida Homeloans conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Vida Homeloans. Is there anyway to cut out the solicitors to save us both money? 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.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Vida Homeloans on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Vida Homeloans conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Vida Homeloans panel she or he must comply with the CML Handbook requirements for Vida Homeloans. Unless your lawyer obtains specific confirmation in writing that Vida Homeloans will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Vida Homeloans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I recently had an offer accepted on a house. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Vida Homeloans conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Vida Homeloans panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.