House purchase/sale mortgate/solicitor issues

WestonDave

I think that's a misunderstanding - you can complete the sale with the existing solicitor and get them to transfer the funds on completion to the new (panel member) solicitors that you instruct on the purchase, but you are going to introduce two delays - firstly the new purchase solicitors will have to redo all the "due diligence" work on the purchase as they can't rely on the previous work done - so new enquiries to the vendor etc (searches might be able to be sold across). Secondly on completion day you'll be introducing another transfer in the process so may take longer for the money to get from your purchaser to your vendor in order for the whole thing to be completed so you might be sitting around outside waiting for the money to get across.

G_M

progressive_uk wrote: »

So it is not an option to have two separate solicitors, one acting in the sale, and one acting in the purchase? Or if I did, the present solicitors acting in the sale would still need their work checked?

Did you tell the solicitor upfront thatyour were getting a mortgage from xyz BS? He should have immediately informed you he was not on their panel.

Of course, if you instructedhim initially on the sale, the question ofa mortgage, and the lender's panel, wouldnot arise, unless you had specifically mentioned it.

You can certainly use 2 solicitors, 1 for the sale another for the purchase, but it adds a level of complexity/coordination that isa pain, and willslowthings down.

Or you could use the original solicitor for your sale AND purchase, and have a 2nd solicitor instucted by the BS to act for them in the purchase. This also adds complexity, not tomention duplication, as he will do many of the checks that your solicitor does. This will slow things down (andcostmore).

You could ask your solicitor to apply to be on the BS panel. This will take time and will slow things down. He may be rejected (eg many lenders won't accept small firms or single-solicitor practices).

Or you could start again from scratch with a new (BS approved) solicitor acting for the BS, for you in the sale and you in the purchase.

progressive_uk

Solicitors were instructed when sale was agreed and before purchase was agreed: I am not honestly sure if the B.S. were mentioned at instruction, but probably not. It was however always on the table that I was going to have an onward purchase, and my solicitor were informed shortly after agreement in principle that the B.S. were the lender, as I forwarded them a scanned copy of the AiP.

G_M

When you instructed them to sell, they had no reason to consider the mortgage lender.

When you intimated you might later buy :
* if you did not mention mortgage, they might have thought you were paying cash
* if you mentioned mortgage, but not the lender, they may have assumed there would be no problem (eg if they are on most lenders' panels, and this is a small, obscure BS). However, they should have checked with you.
* if you mentioned the lender, they should definately have said "sorry guv, we can't act for them'.

progressive_uk

G_M wrote: »

When you instructed them to sell, they had no reason to consider the mortgage lender.

Agreed. They were told at instruction that they would be instructed in some purchase, though that was naturally left quite open.

When you intimated you might later buy :
* if you did not mention mortgage, they might have thought you were paying cash
* if you mentioned mortgage, but not the lender, they may have assumed there would be no problem (eg if they are on most lenders' panels, and this is a small, obscure BS). However, they should have checked with you.
* if you mentioned the lender, they should definately have said "sorry guv, we can't act for them'.

They received a scanned letter of the AiP, with the company letterhead all over it, so I think option 3 applies. This is a relatively well known B.S. lender with what I would consider to be a substantial branch network.