Vida Homeloans Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Vida Homeloans and to assist in remaining on the Vida Homeloans Conveyancing Panel.

Vida Homeloans Conveyancing Panel: Recently Asked Questions

Are Vida Homeloans Conveyancing panel lawyers under an obligation to disclose incentives?
Vida Homeloans’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements

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Is it the case that the Law Society has advised that firms check their status on the Vida Homeloans conveyancing panel?
The Law Society of Scotland has suggested that solicitors should check their panel status with lenders 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 recommendation 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 moneysavingexpert.com
A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Vida Homeloans and other lenders have restricted their panel over the years. Why?
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.

Can you give me an example of some of the reports available via COMPLETIONmonitor to support my application to be on the Vida Homeloans conveyancing panel ?
There are many reports available, five of which are as follows:
  • Average mortgage advance
  • Buy to Let transactions
  • Current and historic missed priority dates
  • Evidence of undertaking logs
  • Average time frame to register charges at the Land Registry
My firm is not on the Vida Homeloans conveyancing panel as well other lenders. My clients, who are getting a mortgage with Vida Homeloans still want me to act for them even though I am not on the Vida Homeloans panel. Is it fine for me to use a firm down the road to act for Vida Homeloans on mortgage aspect of the conveyancing?
You need to be careful here as what you are suggesting may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.
Marsh’s PI Insurance renewal form asks if my practice had been removed off any mortgage panels in the last 12 months. I recently found out that the practice is no longer on the Vida Homeloans conveyancing panel? Will that impact my insurance?
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.
My firm is listed on the Vida Homeloans conveyancing panel and due to complete a remortgage within the next week. I can not locate a Legal Charge for the client to execute. Who do I contact at Vida Homeloans to request substitute deeds?
You need to communicate with Vida Homeloans to obtain standard documents. The CML Handbook incorporates an individual question for banks to establish who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state:
Don’t forget to disclose your Vida Homeloans solicitors panel number.

Find a Lawyer on the Vida Homeloans Conveyancing Panel

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Average number of days to register title including a charge in favour of Vida Homeloans
This information relates to purchase only and not remortgages.
YearDays*
2024 [no data]
2023 [no data]
2022 [no data]
2021 [no data]
2020 [no data]
2019 [no data]
* Data aggregated from sources including COMPLETIONmonitor