Last minute worries with Solicitor query

Landofwood

Sheep wrote: »

Landofwood I am applying for a mortgage and didnt have to sign anything regarding the content that my broker disclosed on the application form.

Why do you have to be so rude to people? It wasnt long ago since you were apologising on this forum.

They are obliged to send you a copy of the form, which you must correct if necessary.

I haven't been rude.

pulimiharish

Landofwood wrote: »

They are obliged to send you a copy of the form, which you must correct if necessary.

I haven't been rude.

Well, I haven't seen the form but it looks like my fault for not explicitly declaring that. Since I have submitted my bank statements that show this transaction I thought it was okay. Anyways now I have cleared the loan as I have enough funds, does this have any positive effect on the lender's decision or is this still treated as a bad thing?

GRBWA

I am by no means an expert but would hazard a guess that if the conveyancer has raised it with the lender it is more likely to be a query around the source of deposit.

How would the solicitor know of you declared it or not ?

pulimiharish

GRBWA wrote: »

I am by no means an expert but would hazard a guess that if the conveyancer has raised it with the lender it is more likely to be a query around the source of deposit.

How would the solicitor know of you declared it or not ?

But the deposit is NOT coming from the loan. I have £55K and the deposit is £45K and the loan amount is £10K. But without asking me first the Solicitors have raised a query directly with the lenders and then immediately I cleared the loan but the query is already raised.

Thrugelmir

pulimiharish wrote: »

But without asking me first the Solicitors have raised a query directly with the lenders

Yes, because the solicitor is working for the lender in this regard. The solicitor will report what they see in accordance with their instructions.

pulimiharish

Thrugelmir wrote: »

Yes, because the solicitor is working for the lender in this regard. The solicitor will report what they see in accordance with their instructions.

Oh! Since I was paying all the Solicitor fees I thought they will be working for me. I should have gone with a different Solicitors then.

libf

pulimiharish wrote: »

Oh! Since I was paying all the Solicitor fees I thought they will be working for me. I should have gone with a different Solicitors then.

It's usual that your solicitor also acts for the lender. In fact, some solicitors charge this as a specific fee.

Landofwood

pulimiharish wrote: »

Well, I haven't seen the form but it looks like my fault for not explicitly declaring that. Since I have submitted my bank statements that show this transaction I thought it was okay. Anyways now I have cleared the loan as I have enough funds, does this have any positive effect on the lender's decision or is this still treated as a bad thing?

The point is, if everything was declared correctly then you have nothing to worry about.

pulimiharish

Landofwood wrote: »

The point is, if everything was declared correctly then you have nothing to worry about.

Thanks everyone, the solicitors have come back saying the lender is happy and so I have transferred the deposit. What a relief!