Vida Homeloans Conveyancing Panel : Questions and Answers from members of the public
We are buying a 2 bedroom apartment in Hackney with a mortgage from Vida Homeloans. We would like to retain our solicitor but Vida Homeloans says she’s not on their "panel". We have to appoint one of the Vida Homeloans panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Vida Homeloans use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Vida Homeloans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Vida Homeloans
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.
Whilst your website is a good idea there are many lawyers listed near Coventry on the Vida Homeloans conveyancing panel. Can you recommend a specific firm on the Vida Homeloans approved panel?
We are not in the business of recommending one firm above another 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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
The lawyers that I recently instructed on my house acquisition in Newcastle has suddenly shut down. I only went with them because I had to have a firm on the Vida Homeloans conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will 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 lawyers should be in a position to help
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Vida Homeloans conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s 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 remain on their panels.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Vida Homeloans have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Vida Homeloans your lawyer must to check the Vida Homeloans conveyancing instructions contained in the Part of CML Handbook for Vida Homeloans . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Vida Homeloans where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
We have agreed a price on a house I spoke to a solicitor recommended by my brother and he suggested retaining a solicitor approved by Vida Homeloans. The estate agent recommended two local firms so I asked Vida Homeloans if the 2 suggested solicitors are approved, which they are not. Vida Homeloans pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Vida Homeloans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Vida Homeloans for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Vida Homeloans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Vida Homeloans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Vida Homeloans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.