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Solicitor changing
benjus
Posts: 5,433 Forumite
I'm in the process of buying a flat, and was hoping to exchange contracts shortly. We've signed contracts and sent the deposit to the solicitor.
Now I've received notification that the solicitor is merging with another firm, and the current firm will cease to exist after this month as they will trade under the other firm's name. The solicitor has contacted the mortgage lender to advise them of the change.
Our mortgage broker has warned us that this constitutes a material change and the mortgage application will be reassessed under MMR rules. I'm now worried about the mortgage offer being pulled.
Is there anything we can do about this? Or do we just have to wait and see if we will be able to proceed with this?
Now I've received notification that the solicitor is merging with another firm, and the current firm will cease to exist after this month as they will trade under the other firm's name. The solicitor has contacted the mortgage lender to advise them of the change.
Our mortgage broker has warned us that this constitutes a material change and the mortgage application will be reassessed under MMR rules. I'm now worried about the mortgage offer being pulled.
Is there anything we can do about this? Or do we just have to wait and see if we will be able to proceed with this?
Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning
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Comments
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I changed solicitors on a Halifax app yesterday and that was offered back in February.
They told me it wasn't considered a material change by them and it was done in 24 hours.
Your lender may be different.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »I changed solicitors on a Halifax app yesterday and that was offered back in February.
They told me it wasn't considered a material change by them and it was done in 24 hours.
Your lender may be different.
Lender is Accord. They've definitely said it's a material change.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
That doesn't surprise me in the least.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I would phone Accord any get a second opinion. Alteration of solicitor's details should not be a Material Change.0
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kingstreet wrote: »That doesn't surprise me in the least.
Sounds ominous - is Accord a lender to avoid?
Mortgage broker has escalated it to a manager and is trying to get the change pushed through today to avoid MMR.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Accord are not a fan's favourite shall we say and I am hopeful you will not find out why making this amendment.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Is the new firm on Accords panel of solicitors?
Rather than rely on the word of your broker have you spoken to the solicitors?0 -
Accord are favoured by brokers who think a rock bottom pay rate is the way to get the client. Not by those who value their sanity.
After all - everyone knows there aint no sanity clause.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thrugelmir wrote: »Is the new firm on Accords panel of solicitors?
YesThrugelmir wrote: »Rather than rely on the word of your broker have you spoken to the solicitors?
I have spoken to the solicitor and the broker has spoken directly to the solicitor. The solicitor seemed rather shocked that this would be considered a material change. He's still waiting for a full response from Accord though.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
As I always say when Accord is mentioned, that 5.99% standard rate is going to be a killer if you have no options when your initial deal ends.
It just isn't worth the risk for 0.2% less for two or three years, IMHO.
With MMR, who knows what affordability will be like for existing Accord borrowers in a year or two when the need a new deal?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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