Vida Homeloans Conveyancing Panel Information

The CML Part II requirements of Vida Homeloans are silent on this. Most lenders address the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Vida Homeloans’s interest. To be absolutely sure of Vida Homeloans requirements in this regard please check the Terms and Conditions of Vida Homeloans’s conveyancing panel appointment.

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.

You will be aware of the trend in recent years for lenders such as Vida Homeloans to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Vida Homeloans panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Vida Homeloans have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Vida Homeloans’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Vida Homeloans. You will no doubt be required to undertake directly to Vida Homeloans’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Vida Homeloans conveyancing panel.

With banks and conveyancing firms working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Vida Homeloans conveyancing panel but for all mortgage panels

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 get in touch with Vida Homeloans to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific question for lenders to reveal who to contact to obtain standard documents. Vida Homeloans in their Part 2’s state: Don’t forget to disclose the firm’s Vida Homeloans solicitors panel number.