Solicitor recommended by Mortgage Advisor?

to_be_FTB

A question from a FTB - is there any conflict of interest involved when taking a solicitor recommended by the mortgage advisor? It seems like it might make things move faster if they have a good working relationship (the quote is more or less the same or slightly lower than what I found independently)? Or am I missing something here?  

amandacat

The mortgage broker gets a referral fee if you use their recommended solicitor. That is why they will promote this. 
There is no advantage to using them as all that happens in relation to mortgage broker/solicitor involvement is that the mortgage broker gives the solicitor details to the lender and the lender sends the mortgage offer to your solicitor. It won't speed things up using their recommended solicitor. My broker didn't recommend a solicitor and they haven't needed to have any communication with one another, the only thing your solicitor will need is the mortgage offer, which will be sent regardless of whether you go with a broker, straight to the lender etc.
Look for reviews of the recommended solicitor, if the reviews are good and the price is similar then go for it. 
If reviews aren't so good, then find a local firm who have better reviews. 

hazyjo

Is the mortgage adviser associated with the EA you're buying through? That would put me off.

If not, your solicitor will also be working for your lender so I can't see an issue. They'll need to be on your lender's panel.

to_be_FTB

They are not associated with the EA.
I will check out the reviews! The broker has excellent reviews so I thought maybe these would cover the solicitor recommendation

Sunsaru

My broker recommended the solicitor I used. Broker was great, solicitor...... not so much but they got the job done. Whenever I couldn't get any response from my solicitor (quite often) I got onto the broker who normally got a response for me within an hour.

Check the reviews and go with whatever you think is best for you.

kingstreet

We recommend solicitors. We get nothing for it.
We hope the cost is lower, the service is better than generally available and hope our clout can help solve problems when necessary.

xfaze

kingstreet said:

We recommend solicitors. We get nothing for it.
We hope the cost is lower, the service is better than generally available and hope our clout can help solve problems when necessary.

our mortgage broker also recommended a solicitor.
as i read all the paperwork i was sent from the solicitors the referral fee is £450 payable to the brokers company.
does that mean i could get charged more for the solicitors services they will provide?
because i do not think that £450 comes out of solicitors pocket for the brokers

diego_94

Go with what solicitor you want to use. I would advise against using anyone that is recommended by either the Estate Agent or the Mortgage Advisor, they are only promoting these so that they get some commission out of it.

Get a few quotes off some local firms and choose the one you feel most comfortable with.

TBG01

xfaze said:

kingstreet said:

We recommend solicitors. We get nothing for it.
We hope the cost is lower, the service is better than generally available and hope our clout can help solve problems when necessary.

i do not think that £450 comes out of solicitors pocket for the brokers

It does. 

Yes they may slightly increase the fee but they won't increase it by £450.

Sistergold

to_be_FTB said:

They are not associated with the EA.
I will check out the reviews! The broker has excellent reviews so I thought maybe these would cover the solicitor recommendation

If I am happy with my mortgage adviser I would also be happy with them recommending a solicitor. I would also check the solicitors reviews and if that’s okay too then it will be okay to proceed. If you don’t already have a solicitor then it’s better that at least they are recommended.