Frequently asked questions relating to the Vida Homeloans Conveyancing Panel from members of the public
Is there a reason why all UK lawyers aren't included on the Vida Homeloans Solicitor panel?
As unjust as it may seem for Vida Homeloans to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Vida Homeloans are limiting their conveyancing panel to a size that they are happy to control. The Vida Homeloans solicitor panel is not the most exclusive of all lenders
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Vida Homeloans will not agree to this. Why was Vida Homeloans even consulted?
Your lawyer being on the Vida Homeloans conveyancing panel is duty bound to inform Vida Homeloans of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Vida Homeloans then they would have to discontinue acting for you and Vida Homeloans.
I note that you have a post code search directory listing firms on the Vida Homeloans conveyancing panel. Do firms pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Vida Homeloans conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
We're in London, First time buyers buying with a mortgage (lender is Vida Homeloans , but our solicitor is on the Vida Homeloans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Vida Homeloans conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all Conveyancing Quality Solicitors on the Vida Homeloans conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives 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 join their panels.
We expect to receive a DIP from Vida Homeloans this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Vida Homeloans recommend a solicitor on the Vida Homeloans conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Vida Homeloans conveyancing panel. The solicitor represents both you and the Vida Homeloans through the process.
I was told three weeks ago that my mortgage has been agreed
to by Vida Homeloans. Is it usual for Vida Homeloans to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Vida Homeloans to deal with your lawyers application to be on the Vida Homeloans conveyancing panel. There's no guarantee that your solicitors will be accepted.