Vida Homeloans Conveyancing Panel Recently Asked Questions from members of the public
It has come to my attention via my estate agent that my property lawyer is not on the Vida Homeloans Solicitor panel. What can I do to be certain that this is indeed the case?
You need to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the the approved Vida Homeloans solicitor panel.
Expecting to complete my purchase next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Vida Homeloans. What risks do Vida Homeloans expect the insurance to cover?
All property lawyers on the Vida Homeloans conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Vida Homeloans’s Part 2 requirements of the CML Handbook (last updated on Vida Homeloans). Being on the Vida Homeloans conveyancing panel your lawyer is expect to follow these instructions.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Vida Homeloans conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Vida Homeloans ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
The lawyers that I recently instructed on my house acquisition in London has suddenly shut down. They were on acting for me because I had to have a solicitor 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 do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should 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 lawyers may be able to assist
Are all Conveyancing Quality Solicitors on the Vida Homeloans conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
The mortgage over my property is with Vida Homeloans. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Vida Homeloans?
Vida Homeloans must be informed of your intention prior to renting your property as this is likely to be a breach of Vida Homeloans’s mortgage conditions. It may be that Vida Homeloans will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Vida Homeloans directly. You need not do this via a Vida Homeloans conveyancing panel solicitor.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? 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.