Gifted deposit & solicitor

TLM_77

kingstreet wrote: »

In which case, the lender will appoint a panel solicitor to act for them at your expense and you will have to provide the required documentation to them.

We already have solicitors appointed, why would the lender not accept them if they are correctly accredited?

TLM_77

kingstreet wrote: »

"Mum, we reduced our mortgage by £45k, so we need to borrow less next time. Only £50k is being used as deposit now."

Best I can do, I'm afraid.

Thanks for the thought!

kingstreet

TLM_77 wrote: »

We already have solicitors appointed, why would the lender not accept them if they are correctly accredited?

I see. It's HSBC is it?

I posted that before I knew.

With a normal lender, if the solicitor is not on the panel, the lender appoints a panel firm to act for it. Just like HSBC did in the 2012 debacle and still does for £192 if the firm isn't CQS accredited now.

After that, it changed its rules to permit any CQS accredited solicitor to act for it, as well as for the borrower and that's your situation.

Therefore, you are using a non-panel solicitor, but the lender is still being represented by that firm too.

TLM_77

kingstreet wrote: »

I see. It's HSBC is it?

I posted that before I knew.

With a normal lender, if the solicitor is not on the panel, the lender appoints a panel firm to act for it. Just like HSBC did in the 2012 debacle and still does for £192 if the firm isn't CQS accredited now.

After that, it changed its rules to permit any CQS accredited solicitor to act for it, as well as for the borrower and that's your situation.

Therefore, you are using a non-panel solicitor, but the lender is still being represented by that firm too.

Ah right, didn't know that but glad as I didn't want to fork out more for another solicitor I didn't choose!

ACG

You really shouldnt be lying to your mum! Not telling her is completely different.

Personally I would grow a set, tell her, have a big row and move on.

She gave you the money to get a new house... you now have a new house. In a roundabout way her wishes have been delivered.

ACG

Principality will do the gifted deposit letter I sent out.

Get that signed by your mum and email it over to them - job done without lying.

Just ensure it addressed to principality building society.

TLM_77

ACG wrote: »

You really shouldnt be lying to your mum! Not telling her is completely different.

Personally I would grow a set, tell her, have a big row and move on.

She gave you the money to get a new house... you now have a new house. In a roundabout way her wishes have been delivered.

This is true. But it's not every day you have to explain away £45k to someone...well, I've never done it before!

TLM_77

ACG wrote: »

Principality will do the gifted deposit letter I sent out.

Get that signed by your mum and email it over to them - job done without lying.

Just ensure it addressed to principality building society.

Great, but what about the blooming solicitor!

ACG

Give a copy to them. Tell them you have already sent it to Principality, they will probably just check.

Should be fine.

I have never had to explain that, but its only money at the end of the day. If shes anything like my mum she will go mad, moan for a while and then move on and find something else to moan about.

Missko

You say you're concerned that it's "none of the solicitor's business".
Actually, the solicitor could be CRIMINALLY responsible if it turned out you were money laundering and he helped you. Not to mention he would be struck off. So he has EVERY right to know where the money came from. Especially if it's being processed through a firm bank account at any stage. Probably be better if he explained this to you, however, rather than using a judgey "tone".

I wouldn't use the proforma letter ACG has drafted for you as it has a spelling mistake in it!! "bare/bear"!! And I hardly think it would work if you filled in the amount by hand AFTER your mum had signed it!