do I need a solicitor for this??

motormadness

hello all

My father died recently and I have inherited his home which has an outstanding mortgage of £10,000

The title deed of the house now has my name on.

I am planning to rent out the house and need to update the property with new electrics and gas heating etc....

I have applied for a buy to let mortgage via a mortgage broker. The mortgage broker has told me I need a solicitor basically saying that the mortgage can't be paid directly into my bank account and needs to go via a solicitor.

Does this sound right?

He wants me to use his solicitor surprise surprise

Thanks for your help

judy2357

Presumably you had to have a solicitor to transfer the title deeds into your name, could you not ask him what is required?

motormadness

I was able to transfer the deeds myself following a quick visit to my land registry office (customer service was excellent)

judy2357

It sounds quite complicated to me so would recommend you go to a Solicitor. I presume you have taken over or paid off the existing mortgage?

motormadness

as far as I'm concerned I get the cash paid into my account and then I pay the old mortgage company with a cheque

There's no land searches, chain etc

KellsBells

Personally I have never ever heard of a mortgage lender that would be willing to release mortgage funds directly to a borrower. You will almost certainly need a solicitor.

truman_sparks

as above, it sounds correct.

Always find your own solicitor. they then work for you.

TS

poppysarah

Did he not have insurance to pay off the mortgage? Did that stop being compulsory along with the loopy lending?

You shouldn't use their recommended solicitor if you do need one - you can have a free half hour I'm sure to find out if you do or not.

judy2357

motormadness wrote: »

as far as I'm concerned I get the cash paid into my account and then I pay the old mortgage company with a cheque

There's no land searches, chain etc

I dont think its as straightforward as this because the building society will most certainly require searches etc before they lend you the money. For example if the house is in a mining area they will want to ensure it doesnt disappear down a shaft so would want a mining search. I would ring a couple of local solicitors and ask for quotes, or as someone else recommended you could ask for a free half an hour consultation, sometimes this will cost £5. The solicitor will be able to inform you of the best way to go.

silvercar

motormadness wrote: »

as far as I'm concerned I get the cash paid into my account and then I pay the old mortgage company with a cheque

There's no land searches, chain etc

You can't do it like this. The new mortgage company wants first charge on the property, which means the old mortgage needs clearing. If the new mortgage company wrote you a cheque you could walk off into the sunset with it.

I would have expected the new company to want basic searches and a valuation.

MrsJ2008

Hi,

I'm no expert but I thought you couldn't get a mortgage unless you got life insurance? So if he had that, it would pay off the remainder of the mortgage. x