Vida Homeloans Conveyancing Panel Information

This not something that the CML would traditionally get involved with although they do provided a number of useful legal related conferences which are attended by firms on the Vida Homeloans conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on Vida Homeloans’s Part 2 requirements. Practitioners on the Vida Homeloans conveyancing panel are welcome. Information about the webinar will be communicated as part of the LENDERmonitor Alerts.

The Law Society of Scotland has advised that solicitors should check their lender panel status 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 mumsnet.com

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.

Vida Homeloans approved panel lawyers have to comply with 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

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 need to contact Vida Homeloans to obtain standard documents. The CML Handbook has a specific section for banks to cite who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state: It helps to quote your Vida Homeloans conveyancing panel reference.