Abbey- must use their solicitor

oldwiring

I have heard that Abbey insist on a mortgage applicant using their own solicitor, when one buys a property with their mortgage support. What do you think of their rule? Can the sol'r be guaranteed to have the buyer's interest at heart. Will the sol'r also act in the sale of the applicant's own property?

General opinion of Abbey as mortgage provider?

Madjock

I think you may be getting confused about a remortgage rather than a purchase.
Many lenders offer a free legals incentive on their remortgage products, in which case the lender chooses the solicitor.
On a purchase, the only thing the lender is interested in is that the solicitor or conveyancer meets their requirements - that is, some lenders will not deal with conveyancers, some will not deal with sole practitioners.
Whatever the circumstance, the solicitor will always be acting for the lender as well as yourself.

I have no personal experience of Abbey, but my professional experience is that they are friendly, helpful and popular.

oldwiring

Madjock wrote: »

I think you may be getting confused about a remortgage rather than a purchase.
Many lenders offer a free legals incentive on their remortgage products, in which case the lender chooses the solicitor.
On a purchase, the only thing the lender is interested in is that the solicitor or conveyancer meets their requirements - that is, some lenders will not deal with conveyancers, some will not deal with sole practitioners.
Whatever the circumstance, the solicitor will always be acting for the lender as well as yourself.

I have no personal experience of Abbey, but my professional experience is that they are friendly, helpful and popular.

Well what I posted was what an advisor told my son son the other day. I'll get back to him

Mr_helpful

My old boss used a trick like this. he told the clients they had to use a set solicitor and then arranged one through LMS so that he got a £100 kickback. Guess what the good old FSA set up to protect the customer never got him though illness did eventually.

MortgageMamma

Yep agree with Mr Helpful I've never know Abbey to insist upon this - probably just a broker wanting a referral fee from a solicitor which is a bit desperate

In general they are an excellent lender and I cannot speak highly enough of them.

golfnutt

I had my mortgage offer from Abbey last week, and have used my own. begining to wish i had'nt tho, not getting the best sevice off them.