Frequently asked questions relating to the Vida Homeloans Conveyancing Panel
from members of the public
Is there a reason why all solicitors are not on the Vida Homeloans Solicitor panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Vida Homeloans. Apparently, being on the Vida Homeloans conveyancing panel and acting on their behalf he must inform Vida Homeloans if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Vida Homeloans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Vida Homeloans if you agree, failing which, your lawyer must cease to continue acting.
I have been Googling for conveyancing quotes online. Can I be sure that all the practices that are identified on your site are on the Vida Homeloans conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Vida Homeloans panel and agreed to advise us to take down their listing in the event of removal off of the Vida Homeloans panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Vida Homeloans conveyancing panel is incorrect.
I am mortgaging my apartment does my lawyer need to be on the Vida Homeloans Solicitor panel?
There is nothing to stop you using your solicitor but Vida Homeloans will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have today made my last payment due on mortgage with Vida Homeloans. I assume I don't need a solicitor on the Vida Homeloans panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Vida Homeloans mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Vida Homeloans mortgage from the register. Vida Homeloans,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Vida Homeloans has sent the Land Registry the discharge electronically, and
the Vida Homeloans has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Vida Homeloans mortgage has been paid off.
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?
Complaining to Vida Homeloans about their conveyancing panel is unlikely to yield much of a response. All solicitors 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 properly dealt with 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.
I am due to exchange contracts on my house. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Vida Homeloans are being problematic. The solicitor who is on the Vida Homeloans conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Vida Homeloans are insisting on a building regulation certificate. Why do Vida Homeloans have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Vida Homeloans have referred the matter to their valuer. The reason why Vida Homeloans may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.