Do I NEED a solicitor?

blueberrypie

chrism00 wrote: »

Thanks, but Ive done all the research and this BS (Britannia) offers me the best deal (for my circumstances).

Fair enough. I just mentioned it because so many people do simply go to their own bank or building society without realising there are probably better options out there. If you've done your research, good on ya :-)

Evilm

Its not advisable unless you have done this before. And the Lender will require certain assurances that only a conveyancer will be able to give them since they are putting their money on the line.

If you were buying without a mortgage you would only be risking your money if you missed something. With a mortgage they will probably insist on it.

Trollfever

Ask your chosen solicitor how much cover their professional indemnity insurance gives.

Thrugelmir

Joe_Bloggs wrote: »

At Thrugelmir.

My Solicitor represented my cause and not my building societies or banks because I paid their fees and nobody else did.

So if a mortgage product came with free legal fees. Who would the solicitor be representing then?

Next time you remortgage. Ask your solicitor what he actually does. It may explain matters more clearly.

GMS

It does not matter who paid the fees. Where a mortgage is involved the solicitor acts for the lender. If you instruct a solicitor who is not on the panel of a lender you get 2 choices.

1/ Find a solicitor who is and still pay the bill
2/ Use the solicitor who isn't on the panel AND pay for an additional solicitor to cover the lender's legals.

Who do you think protects the interest of the lender? Do you assume they advance thousands of pounds without protecting themselves?

Joe_Bloggs

Perhaps I was wrong to ask questions of the solicitor if they were not acting for me. Their explanations of the legal concepts could have been swayed. Perhaps it should have been made clear that they were only acting for the mortgage lender. Perhaps there should be a document that says the advice that your solicitor provides is for the benefit of your mortgage company and may be against your best interests.
J_B.
Perhaps I am wrong as usual !

Evilm

Joe_Bloggs wrote: »

Perhaps I was wrong to ask questions of the solicitor if they were not acting for me. Their explanations of the legal concepts could have been swayed. Perhaps it should have been made clear that they were only acting for the mortgage lender. Perhaps there should be a document that says the advice that your solicitor provides is for the benefit of your mortgage company and may be against your best interests.
J_B.
Perhaps I am wrong as usual !

Its not against your best interests but they make undertakings that they have mitigated risks for the mortgage company too when they draw down your mortgage in order to complete.

They can be legally held accountable should they allow something to happen which affects the mortgage companies interest (the house you are buying).

A person doing their own conveyancing is unlikely to be able to give the same level of assurances as a professional who has the correct insurances.