Second Charge on new mortgage

ssiren · 4 December 2007 at 12:36AM

We are in the process of buying our first house and are being helped out with 10% deposit by my partners parents, they want to secure this with a second charge on the mortgage though to make sure that if anything should happen between us they would get their money back.

They have done exactly the same thing twice before with no hassle for their other daughter but our solicitor are insisting that they need to employ their own solicitor to draw up the necessary paperwork. The lender have already agreed to the charge and we have managed to get our solicitor to instruct the lender to set up the charge, but the solicitor are still adamant that her parents should employ a solicitor.

They have never had to do this in the past and it is severely delaying the process of the sale...who is right on this?

Dan_Collins_2 · 4 December 2007 at 10:49AM

Well I think he has a point, he cant act for you, the lender and the parents! There could be a conflict of interest! He may be going by the book but its his company! Also rules and procedures change all the time, it may have been seen as fine the last time they did it!