Vida Homeloans Conveyancing Panel Information

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

The CLC has entered dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Vida Homeloans since 2008 which is when lenders started being more restrictive.

What you should do largely depends on the reason that your firm has been removed off the Vida Homeloans conveyancing 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.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the COLP you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Vida Homeloans conveyancing panel.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Vida Homeloans. Some changes are more important than others but as a firm on the Vida Homeloans conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

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 get in touch with Vida Homeloans to obtain standard documents. The CML Handbook contains an express inquiry for lenders to cite who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state: It helps to disclose your Vida Homeloans conveyancing panel reference.