Problem with conveyance

Ralichkai98

Good evening,

My mortgage offer was approved two weeks ago and I was ready for exchange and completion. My solicitors was doing his researches and etc, almost everything done.

Today I just received an email from him and they are not able to act on my behalf. He didn’t give me any explanation or reason. He advised me to contact another solicitor for further transaction. 

Is this something unusual? I have checked my credit report- everything is fine. I thought there is something wrong with my name or I don’t know. My broker had called them and they said to her ‘ Client falls outside of our risk policy ’. So I have no idea what’s going on? 

Please help! Now I am looking for another solicitor but I am soooo stressed if this happens again.

davidmcn

Where are the rest of your funds coming from?

Ralichkai98

davidmcn said:

Where are the rest of your funds coming from?

savings from my salary.
Do you consider the funds cause problem? 

I am surprised as I had received my offer. There is nothing wrong about my savings. I have provided also bank statement.

davidmcn

Just guessing but probably something to do with concerns about money-laundering or mortgage fraud, so maybe something in your finances looks odd to them.

Ralichkai98

davidmcn said:

Just guessing but probably something to do with concerns about money-laundering or mortgage fraud, so maybe something in your finances looks odd to them.

If it was like that, should they tell me earlier? I have provided to my solicitors bank statements, invoices and payslips. 

If there was money-laundering, I would never received a mortgage offer, wouldn’t I? 

davidmcn

Ralichkai98 said:

davidmcn said:

Just guessing but probably something to do with concerns about money-laundering or mortgage fraud, so maybe something in your finances looks odd to them.

If there was money-laundering, I would never received a mortgage offer, wouldn’t I? 

No, that's not necessarily the case. The solicitor will be looking at it from different perspective from your lender, and may have different opinions on things. Anyway, I'm just guessing, maybe others here will have a better idea.

Thrugelmir

Possibly a potential conflict of interest due to the other party involved in the transaction. 

Ralichkai98

Thrugelmir said:

Possibly a potential conflict of interest due to the other party involved in the transaction. 

Both sides wanted a completion asap. 

Does this mean if I instruct another solicitor, the scenario will be the same? 

Thrugelmir

No. A conflict of interest could arise for a number of reasons. Solicitor needs to be seen to act impartially. Hence why the firm is unable to represent you. 

davidmcn

Ralichkai98 said:

Thrugelmir said:

Possibly a potential conflict of interest due to the other party involved in the transaction. 

Both sides wanted a completion asap. 

Does this mean if I instruct another solicitor, the scenario will be the same? 

Well, are they acting for another party to the transaction? Though if it were a conflict I'd expect them just to say so rather than be cagey about it.

Ralichkai98

My mortgage adviser recommended to go with the recommended solicitors from the property. When I signed the papers first, They have offered me 2 solicitors companies or I needed to put the name of my own solicitor.

So she told me to go with their recommended . What do you think about it? It is a good idea?