FAQs for the Vida Homeloans Conveyancing Panel from members of the public
My fiance and I are buying a 2 bedroom flat in Hackney with a mortgage from Vida Homeloans. We like our lawyer but Vida Homeloans says he's not on their "panel". It seems we have little choice but to instruct 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?
Unfortunately,no. 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 lawyer to apply to be on the conveyancing panel for Vida Homeloans
My wife and I changing mortgage lender for our flat with Vida Homeloans. We have a son 18 who lives with us. The solicitor on the Vida Homeloans conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Vida Homeloans conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Vida Homeloans .This is solely used to protect the Vida Homeloans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Vida Homeloans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are the lawyers identified as being on the Vida Homeloans conveyancing panel, together with their details provided by Vida Homeloans?
The law firm practices themselves provide us confirmation that they are on the Vida Homeloans conveyancing panel as opposed to being supplied with a list from Vida Homeloans directly.
We're in Wales, 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
When it comes to mortgage companies such as Vida Homeloans do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I currently have a mortgage with with Vida Homeloans. Conveyancing was finalised 12 months ago. Should I wish to rent out my property 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 before letting out your property as this is likely to be a breach of Vida Homeloans’s mortgage conditions. It may be that Vida Homeloans will allow you to rent 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 lawyer.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Vida Homeloans are being difficult. The solicitor who is on the Vida Homeloans conveyancing panel is saying indemnity insurance will be fine 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.
