Vida Homeloans Conveyancing Panel Information

The criteria to join the Vida Homeloans conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

In operating open conveyancing panels, lenders such as Vida Homeloans face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Vida Homeloans and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

When a solicitor is acting for both Vida Homeloans and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Vida Homeloans and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Vida Homeloans the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Vida Homeloans conveyancing panel status.

Given that your practice in is on the Vida Homeloans conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Vida Homeloans are to lend, they may require indemnity insurance. In any event,you will need to check Vida Homeloans’s specific requirements. Notwithstanding whether Vida Homeloans will lend in such circumstances you still need to advise the borrower (unless you are acting for Vida Homeloans alone) as to the risks of buying a property with an insolvent or absentee landlord.

The best placed professionals to answer this question are your insurance brokers. 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 contact Vida Homeloans to obtain standard documents. The CML Handbook incorporates an individual section for banks to cite who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state: You will need to disclose the firm’s Vida Homeloans solicitors panel reference.