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Purchasing shared equity tranche -solicitor?
Rach2015
Posts: 2 Newbie
I purchased a house on a 80/20 shared equity scheme in 2009. I am now in a position to borrow additional monies on my Halifax mortgage to pay off the housing developers 20% and therefore own the house (although with a mortgage) outright. The developer has advised that as soon as they receive the funds, they will remove the charge directly with the land registry.
Halifax are insisting I also need a solicitor, but I don't understand what my solicitor will actually do and as such what I would be paying a solicitor for? can anyone advise - for example, does my solicitor need to contact land registry too? Or act as an intermediary for the funds? I don't want to pay much out in solicitor fees if I can help it, but Halifax are insisting I have one as a condition of borrowing. Thanks!
Halifax are insisting I also need a solicitor, but I don't understand what my solicitor will actually do and as such what I would be paying a solicitor for? can anyone advise - for example, does my solicitor need to contact land registry too? Or act as an intermediary for the funds? I don't want to pay much out in solicitor fees if I can help it, but Halifax are insisting I have one as a condition of borrowing. Thanks!
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