Urgent advice for mortgage details...

Bean_69_99

Had a letter from a third party solicitor... i take it this solicitor acts as the intermediary??

As part of their stated terms it says that

"...the balance of the purchase money has to be generated entirely from your own savings or the proceeds of sale of another property..."

How is this defined?

If i have borrowed money from a family member that is settled by an agreement between us, and is in my savings, this is mine? Even if i use this towards sale money?

I've been struggling to get things moving with any speed via the Cooperative bank and my solicitors and the sale was based on a quick turnaround so dont want to bring up any time consuming hurdles if they are unnecesary.

Thanks

Matt

Bean_69_99

Just to add... this is definately from the third party solicitor... its just the first time i've seen this clause.

Thanks in advance

Matt

getmore4less

Talk to your solicitor they should deal with it.


Who is this 3rd party solicitor working for?

Bean_69_99

i dont know, think im gona have to email my solictor to see whats what.

getmore4less

My guess it is the lenders solicitor.

saying they don't like deposits coming from loans.

If you allready have the money in the bank and it has been there for some time you may be OK.

Plenty of people have deposits when they have other outstanding debts.

Bean_69_99

yeah exactly what i was thinking.

Its been in for a couple of months now and it isnt dependant on the house.

Will try and get in touch with my solicitor on monday..

if anoyone else can confirm this situation or as to why they need it specifying, i'd appreciate it.

Batchy

if its a gift it isnt a problem... lifetime transfers are common, obviously possible IHT problems depending on future events.

If the underlying situation is they will be paid back then its a loan, but not regulated by the FSA. 'don't tell them so' then you wont have problems will you!!!