Indemnity Insurance due to Gift

Thrugelmir

dcrnj wrote: »

I've also requested a copy of their complaints procedure.

You've no rights to tell them how to run their own business. They don't have to act for you either. Find another NW panel solicitor if you are unhappy.

dcrnj

Thrugelmir wrote: »

You've no rights to tell them how to run their own business. They don't have to act for you either. Find another NW panel solicitor if you are unhappy.

That's not the case at all, I chose them and I am happy to follow whatever they feel I need to within the confines of the law, I was advised by my broker that all this seemed like overkill and there were solicitors who did not require this much information, my broker also advised me the lender was happy to receive a letter and a form of identity as sufficient, so as intuitive as I am, I decided to investigate further and you are right, they don't have to act for me how ever I am a paying client it's not like I am doing this as a favour to them am I?

dcrnj

Thrugelmir wrote: »

Put the matter in context.

What's the purchase price of the property?

How much is being being gifted?

How much is your own deposit?

£229,950
£30,000
£30,000
I was gifted £50,000 and I am only using £30,000 as I have £30,000 of my own which I can prove, what I decide to do with the remaining £20,000 and savings I have left over is surely up to me?

dcrnj

Richard_Webster wrote: »

If the person making the gift of money were to go bankrupt within 5 years I suppose the trustee in bankruptcy might try to claw back the money from you, but they would be in no better position than any other unsecured creditor. It simply wouldn't have any effect in the title and the lender's mortgage security on it.

The donor could have said they were giving you enough to buy a shiny new car. Taken logically using that kind or argument any gifts made to a person who happens to be buying a house would have to be considered. Who paid for your holiday the other year? That could have been a gift from someone.

The solicitor is saying the case falls within the clause about the transaction itself being subject to a deed of gift. Where's the deed? Did the donor make out a deed just to transfer some cash to you? Of course they didn't.

The solicitors are talking rubbish. They are confusing the fact that many lenders want to know about the source of funds for the purchase - because it could relate to your ability to save and budget and your future ability to pay the loan - with the quite different issue about a transfer of the actual property for no value or less than its true value.

Well, here is the update, I asked for their complaints procedure which they sent me. I have not yet had the chance to complain as per their procedure, as their Managing Partner in his capacity as the firm's Compliance Officer for Legal Practice in his view it is no longer appropriate for this firm to act for me in view of the conflict of interest. I am now out of pocket and I have to find another solicitor. Moral of the story, apparently legal firms are above the law and no matter what you think your rights are don't bother challenging them or querying certain relevant detail no matter how pertinent.