FAQs for the Vida Homeloans Solicitor Panel
from members of the public
Am I correct in assuming that the fact that my solicitor is not isted on the Vida Homeloans Solicitor panel that there is a problem with the standard of her work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Vida Homeloans.
I am buying a newly built duplex and my solicitor is informing me that she is duty bound to disclose incentives from the builder as her practice is on the Vida Homeloans conveyancing panel. The Estate Agents are hassling me to sign contracts and I dont want to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Vida Homeloans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Vida Homeloans). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How do I find a local solicitor on the Vida Homeloans conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the lawyer.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Vida Homeloans solicitor panel.
My solicitors in Manchester have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Vida Homeloans. Is it case that being on the Vida Homeloans conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Vida Homeloans Conveyancing Panel Terms. It might be worth you contacting Vida Homeloans directly.
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.
We were going to get a DIP from Vida Homeloans this week so we can work out what to offer on a property we like 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 have instructed a lawyer having made sure that they are on the Vida Homeloans conveyancing panel. Does my lawyer arrange the survey of the property?
I've read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Vida Homeloans conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Vida Homeloans will need an independent valuation of the property. Your lawyer will not arrange this. Usually Vida Homeloans will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Vida Homeloans you could contact your them to see if they have a list of approved surveyors.