Vida Homeloans Conveyancing Panel Information

It is not apparent if there is a question here. We acknowledge that there are an increasing amount of lawyers in Scotland who point to the concerning development in 2013 where in a solicitor disciplinary case in Scotland where the Law Society of Scotland has prosecuted a conveyancing solicitor for repeated failure to comply with the CML lenders’ handbook. While the solicitor’s failures cannot and should not be forgiven, the clear message from the LSS is that its auditors will examine the minutiae of a solicitor’s purchase file for compliance with the CML lenders’ handbook. They will report and potentially act on any non-compliance they discover, insignificant or otherwise, irrespective of whether there has been any fraudulent or otherwise criminal activity on the part of the solicitor, and irrespective of the presence or absence of a complaint by the lender.

The extent and frequency of changes varies from lender to lender.

In 2013, 0 section changes were made to Vida Homeloans Part 2 requirements, which are of course part of the instructions of to the Vida Homeloans conveyancing panel.

The CML Part II requirements of Vida Homeloans are silent on this issue. Most mortgage companies deal with the issue 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 some fraudsters 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 acceptance.

It is important that you take note of such changes because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also impact your chances of staying on the Vida Homeloans solicitor panel. Let’s say that Vida Homeloans change their requirements as to where the post completion documents should be sent. Do you update the details in your case management system? Do you make a note? Is this communicated to the staff? By virtue of your COT Vida Homeloans, you are giving assurances that you will send the relevant documents within 10 days of receiving the Title Information Document. Leaving to one side whether you are technically breaching an undertaking in sending it to the wrong address, you run the risk of Vida Homeloans suspending you off the panel because you did not send the deeds in accordance with the COT. It will not be a valid excuse to say that you sent it to their old address.