We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buyer's solicitor says buyer's mortgage provider may not release funds to an unrepresented seller
septictank
Posts: 21 Forumite
I wonder if anyone can help. I am selling my house myself with no mortgage and self conveyancing (which I have done many times) we are hoping to complete next week. However at the last minute the buyer's solicitor has decided that she cannot complete without the buyer's mortgage providers permission and has faxed the buyer's mortgage provider asking if they will release the funds to an unrepresented seller.
I have never heard of this before as the funds are released to the buyer's solicitor, not me directly and as far as I am aware she should satisfy my identity before releasing the money to me.
She has all the necessary proofs of my identity. Passport, utility bills, ID3 etc.
She says it's to prevent fraud. However I have searched and have never come across this before.
Can anyone help if this is the case and now usual as I am at a loss and expect that her fax will go unanswered.
Many thanks.
I have never heard of this before as the funds are released to the buyer's solicitor, not me directly and as far as I am aware she should satisfy my identity before releasing the money to me.
She has all the necessary proofs of my identity. Passport, utility bills, ID3 etc.
She says it's to prevent fraud. However I have searched and have never come across this before.
Can anyone help if this is the case and now usual as I am at a loss and expect that her fax will go unanswered.
Many thanks.
0
Comments
-
The issue normally appears to relate to the undertaking you provide as a seller to use the funds you receive to repay any charge on your property, including a mortgage. When a seller with a mortgage uses a solicitor, that's why the funds go to the solicitor first, to settle any mortgage before returning the proceeds. Solicitors believe they can rely on each other's undertakings due to the industry system they operate in, but they don't think they can rely on you*.
See question 3 here:
https://www.devonconveyancingsolicitors.co.uk/property-conveyancing-faqs/
and #2 here:
https://phewconveyancing.co.uk/articles/guidelines-for-conveyancing-solicitors-dealing-with-non-solicitors
As you don't have any charge (apparently anyway) then I would think the problem doesn't really exist. Can't think of what other undertakings you may need to provide, but perhaps there are some.
* Yes, you can argue about how sensible this is, and there is an element of guild protectionism here. But it is what it is.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards