Policy Change for Vida Homeloans Solicitor Panel
Change Date: 05/12/2023
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2023 No.1181
Policy changes relevant to
Vida Homeloans
Solicitor Panel
| Updated |
|
05/12/2023 |
| 5.1.1- If different from 1.11, the contact point if the seller has owned the property for less than 6 months: |
As 1.11a. Purchase transactions where the property has been
sold within the last 6 months are not normally acceptable,
|
As 1.11a. Purchase transactions where the property has been
sold within the last 6 months are not normally acceptable,
unless: - £for£ bridging finance (plus legitimate fees and interest charged by the lender) - Inherited property following the death of the proprietor, forms part of the estate for inheritance with satisfactory documentation obtained. - New-Build property being purchased from a housebuilder that acquired the property in a part-exchange transaction. Sub-sales, where the seller has owned the property for less than 6 months, and back to back transactions are not acceptable. Applications which involve assignable contracts or irrevocable powers of attorney in favour of intervening sellers are not acceptable. You should also report any other structure to the transaction which has a similar effect. |
| 5.14.15b- Does the lender accept indemnity insurance if the landlord is absent or insolvent? |
Vida Homeloans Vida Homeloans |
Vida Homeloans may accept indemnity insurance if the landlord
is absent or insolvent, provided: • It meets our requirements in section 9, • There are 6 or less flats in the building, and • You must be satisfied that the insurance will make the title good and marketable and you can give an unqualified Certificate of Title |
| 6.7.1- What new home warranty schemes are acceptable to the lender? |
Aedis Ark Build Assure Build Build Zone Castle Global Local NHBC certificate Premier Guarantee Protek Q Zurich |
The following Structural Warranties are
acceptable for New Builds (NOTE: Structural Warranties issued
retrospectively are not acceptable to Vida) Advantage / Advantage HCI Aedis Warranties Limited / HomeProof Ark Insurance Group Limited- Latent Defects Insurance Build Assure Building Life Plans (BLP) Build Zone Castle 10 ( Checkmate) Global Home Warranties Limited Local Authority Building Control (LABC) NHBC Certificate Premier Guarantee Protek Q Assure Build Limited / The Q Policy Zurich Municipal Policy |
| 6.7.4- Will the lender proceed if the property does not have the benefit of a new home warranty scheme? |
Yes providing the property was built under the supervision of
a person with one of the following qualifications:- FRICS, MRICS, F.I.Struct.E, M.I.Struct.E, FCIOB,MCIOB,FASI, MASI,FB.Eng, MB.Eng, MCIAT,ARB,RIBA,FICE, providing they |
Yes providing the property was built under the supervision of
a person with one of the following qualifications:- FRICS, MRICS, F.I.Struct.E, M.I.Struct.E, FCIOB,MCIOB,FASI, MASI,FB.Eng, MB.Eng, MCIAT,ARB,RIBA,FICE, MICE In addition to the above qualifications, at the time the certificate of practical completion is issued, the consultant must have professional indemnity insurance in force for each claim for the greater of either: - The value of the property once completed, or - £250,000 if employed directly by the customer or, in any other case, £500,000 |
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