can smbd explain how mortgage process works?

kingstreet

You choose;-

1. Dual representation

You appoint your solicitor to act for you. The lender appoints a solicitor to act for it.

You pay both fees.

2. Sole representation

You choose a solicitor on the lender's panel. The solicitor acts for you and the lender. The lender's legal costs are part of the costs charged by your solicitor, but should be less than in 1 above.

3. Agency

If you want to avoid 2, but your solicitor is not on the lender's panel, your solicitor asks another solicitor who is, to agree to an agency deal. The other solicitor's details are input on the mortgage application and they simply pass all correspondence to your solicitor who handles everything. Your solicitor pays them for this arrangement, or they reciprocate in some other way.

Tykva

kingstreet wrote: »

You choose;-

1. Dual representation

You appoint your solicitor to act for you. The lender appoints a solicitor to act for it.

You pay both fees.

2. Sole representation

You choose a solicitor on the lender's panel. The solicitor acts for you and the lender. The lender's legal costs are part of the costs charged by your solicitor, but should be less than in 1 above.

3. Agency

If you want to avoid 2, but your solicitor is not on the lender's panel, your solicitor asks another solicitor who is, to agree to an agency deal. The other solicitor's details are input on the mortgage application and they simply pass all correspondence to your solicitor who handles everything. Your solicitor pays them for this arrangement, or they reciprocate in some other way.

Oh, I see. Im guessing that our solicitor used dual representation term, but actually meant agency. Thank you very much for your time and effort!!!


We literally just now spoken to Nationwide ourselves and they said they have faxed an offer to O'Neill right now. SO, lets see..

Tykva

kingstreet wrote: »

You choose;-


3. Agency

If you want to avoid 2, but your solicitor is not on the lender's panel, your solicitor asks another solicitor who is, to agree to an agency deal. The other solicitor's details are input on the mortgage application and they simply pass all correspondence to your solicitor who handles everything. Your solicitor pays them for this arrangement, or they reciprocate in some other way.

Hi there again,


Yes, it is agency, as apparently our solicitor has a deal with O'Neill, who are on a Nationwide's panel, and she instructed the broker to show them as our solicitor.


We have spoken to the Nationwide underwriter who admits that they haven't sent a mortgage offer to the solicitor as broker keeps giving wrong details. What shall/should we do now? please advise.

kingstreet

Speak to the broker.

Establish what they have done previously and tell them what you want them to do now.

They are acting for you. They follow your instructions!

Tykva

kingstreet wrote: »

Speak to the broker.

Establish what they have done previously and tell them what you want them to do now.

They are acting for you. They follow your instructions!

Hi kingstreet,


we did as you advised and finally our solicitor received an offer. Thank you very much!
It was the broker who kept not giving right solicitor details to the Nationwide, basically on this side we were nervous, on Nationwide side our case was also urgent as they couldn't understand where the details are. In between us broker having fun..


As a result we are not sure at all whether broker actually found a good deal to us. How can we check this? Thank you!

kingstreet

You would need to ask another broker (who is unlikely to want to get involved) or research each possible lender and the respective products for your LTV.

Failing that, you could trust your broker has used a sourcing system and the suitability letter provided explains why the selected lender and product best suited your needs.

Tykva

kingstreet wrote: »

You would need to ask another broker (who is unlikely to want to get involved) or research each possible lender and the respective products for your LTV.

Failing that, you could trust your broker has used a sourcing system and the suitability letter provided explains why the selected lender and product best suited your needs.

I was told by L&C before the completion they run their system once again to make sure that it is the best deal, is it true? Thank you.

kingstreet

Absolutely no idea.

It's unlikely a broker would know much about another broker's service/system unless he/she worked for the other broker at some point.

TBH once you've waited a month or two for a mortgage offer, I'd be surprised if anyone thought it was a good idea to chase a new product, presumably with a new lender...

SuperSaver123

Tykva wrote: »

I was told by L&C before the completion they run their system once again to make sure that it is the best deal, is it true? Thank you.

We have gone through L&C and I have been very happy with their advice (and of course the fact that they are free of charge!), particularly that one of the deals we are getting is off general market, I think solely to L&C (it says something like that on the mortgage offer).

BUT, to be fair, I have also been double checking their work, searching myself for good deals around, questioning the recommendations, the calculations (all fine of course but I wanted to understand everything), calling the case manager 3 times a day to the point that she asked the broker to get involved again, phoned the bank directly at some point as well, checked the banks' websites too to make sure they haven't dropped their rates between AIP and offer etc. (one of them has and I had to point it out to the broker which makes me think they don't actually check the deals again).

So if I were you, I would get the deal checked again myself at least on Nationwide website! Compare it to the couple more banks if your case is straightforward. It doesn't take long and you could save £'s!

Or specifically request them to do the search for you again and ask for an up to date recommendation letter.

Tykva

SuperSaver123 wrote: »

We have gone through L&C and I have been very happy with their advice (and of course the fact that they are free of charge!), particularly that one of the deals we are getting is off general market, I think solely to L&C (it says something like that on the mortgage offer).

BUT, to be fair, I have also been double checking their work, searching myself for good deals around, questioning the recommendations, the calculations (all fine of course but I wanted to understand everything), calling the case manager 3 times a day to the point that she asked the broker to get involved again, phoned the bank directly at some point as well, checked the banks' websites too to make sure they haven't dropped their rates between AIP and offer etc. (one of them has and I had to point it out to the broker which makes me think they don't actually check the deals again).

So if I were you, I would get the deal checked again myself at least on Nationwide website! Compare it to the couple more banks if your case is straightforward. It doesn't take long and you could save £'s!

Or specifically request them to do the search for you again and ask for an up to date recommendation letter.

Thank you! Have you bought anything else via L&C - solicitor, insurance etc?