Solicitor frustration proof of funds

welwynrose

We’re getting a little frustrated with our solicitor. My mother in law is getting on a bit & has become slightly disabled since she broke her leg a couple of years ago. We decided that we would both sell our homes put in the same amount and buy a bigger house where she could have her own suite of rooms. The house will be in mine & my husband’s names and we’re getting a legal agreement signed between us saying this is basically my husband getting some of his inheritance early and she’ll be entitled to live in the house until the end of her life.

We sold our house really quickly and to save making our buyers hang around my mother in law took out a bridging loan for less than 50% of the value of her home to enable us to buy our new home the bulk of the money coming from the sale of our home.

My mother in law got the loan and transferred it to my account as I’m doing all the paying for things we’ve provided the solicitor with a copy of the loan offer letter, my mother in laws bank statements & my bank statement and 10 days before we need to complete on both properties he’s decided he needs to speak to the bridging loan company I know it’s probably just procedure but why the hell didn’t he ask about this before

GDB2222

Shouldn’t he have done that before exchanging contracts?

welwynrose

GDB2222 wrote: »

Shouldn’t he have done that before exchanging contracts?

We haven’t exchanged yet on the house we’re buying it’s all due to be happening next week, we’ve exchanged on the house we’ve sold

G_M

He's done all the basics, searches etc and is now reviewing the file as Exchange is approaching. He's spotted the source of funding and is clarifying it. Should be a quick process. I would not worry.

sillyhilly

welwynrose wrote: »

we’ve provided the solicitor with a copy of the loan offer letter, my mother in laws bank statements & my bank statement and 10 days before we need to complete on both properties he’s decided he needs to speak to the bridging loan company

I work in Compliance, so understand the requirements - however what you've provided already is more than sufficient. Discussing with the Bridging Loan provider seems relatively excessive unless there's something higher risk about you, or something isn't adding up (which I'm sure isn't the case).

You're not taking other form or mortgage, are you? He's not working in a lenders interest as well as yours, and needs to discuss this Bridging Loan with them?

welwynrose

sillyhilly wrote: »

I work in Compliance, so understand the requirements - however what you've provided already is more than sufficient. Discussing with the Bridging Loan provider seems relatively excessive unless there's something higher risk about you, or something isn't adding up (which I'm sure isn't the case).

You're not taking other form or mortgage, are you? He's not working in a lenders interest as well as yours, and needs to discuss this Bridging Loan with them?

Thankfully it all got sorted yesterday my mother in law phoned the bridging loan company & gave them authority to speak to our solicitor he does seem to be a bit belt & braces - there will be no mortgage on our new property & my mother in laws house has now sold so she won’t be stuck with the bridging loan for long