Vida Homeloans Conveyancing Panel Information

The Scottish Law Society has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Vida Homeloans conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Vida Homeloans as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Vida Homeloans we suggest that you call Vida Homeloans to check the position.

Vida Homeloans approved panel lawyers are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Vida Homeloans require, the deed of covenant on their behalf. You will need to check Vida Homeloans CML Part 2 conditions to see if Vida Homeloans have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Vida Homeloans conveyancing panel

With banks and property lawyers working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Vida Homeloans conveyancing panel but for all mortgage panel listings

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Vida Homeloans solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should communicate with Vida Homeloans to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific inquiry for lenders to establish who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state: It is likely that you will need to disclose your Vida Homeloans solicitors panel reference.