Vida Homeloans Conveyancing Panel Information

The Council of Mortgage Lenders, together with Vida Homeloans and other lenders developed a standard set of instructions where a conveyancer is representing a lender such as Vida Homeloans alone in a residential conveyancing transaction. These obligations are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

Many estate agents are suffering if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

Lexsure only know of a couple of banks that operate a separate approved solicitors panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with Vida Homeloans. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Vida Homeloans

In the same way that there is a unique Vida Homeloans conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

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 would be advised to contact Vida Homeloans to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express inquiry for banks to establish who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state: You will need to disclose your Vida Homeloans solicitors panel reference.