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Conflict of Interest
Comments
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I believe when your solicitor says she has a conflict of interest, it is because she is acting on behalf of both you and the mortgage lender in the purchase. The concessionary purchase is obviously in your interests, but may not be for the lender (although it sounds as though they will be fine with it), so she has to flag it to both parties from a professional perspective. I wouldn't read into it any more than that.0
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DaffyDuck316 said:Hi, my solicitor just told me she is going to tell my mortgage lender about a conflict of interest.
What has happened is I have applied for a concessionary mortgage.
This happened when the property I am living in went up for sale when my landlord died.
I applied for a concessionary mortgage and received a signed gifted deposit form from the executors.
Is anyone able to give me any advice. Would a conflict of interest be a deal-breaker?
What country ?? (eg Wales, NI)??
Were you served any formal notice (which also v v likely did not end tenancy nor compel you to leave)?? If so what sort please??
Or did you decide to leave to do executors a favour in which case it does sound ... err,,, odd......
Best regards to all...0 -
Tallulah_Chicken said:I believe when your solicitor says she has a conflict of interest, it is because she is acting on behalf of both you and the mortgage lender in the purchase.
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I suppose from another angle, should the executors be selling the property at a concessionary price - i.e. gifting away part of the estate?
Maybe that's OK if the executors are the only beneficiaries of the estate. Or if the will said this should happen.
Could it even be that your solicitor is concerned that the executors are acting improperly, and doesn't want to be involved in a transaction where the other party is potentially doing wrong? (But I'm not sure why the solicitor would report that to the mortgage lender.)
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Hi all,
Apparently the conflict of interest came about because the solicitor did not realise it was a concessionary mortgage. I was upfront when I signed up with the solicitor company but maybe the details did not get passed on to the specific solicitor.
I also told her that it was a concessionary mortgage on the phone when she said there was a conflict of interest and she said it doesn't matter.
In the end the estate agent called and spoke to her.
The solicitor is still wanting us to ask the seller to prove the source of their funds, and my estate agent has told me to explain that there is no actual exchange of money, the concession comes through as a discount of the asking price.
It was a very exhausting day going back and forth as I had worked a night shift and been up all night.
Hopefully all is resolved now.
I appreciate your comments, as this is a dream home for me and I was very upset when the solicitor initially told me there was a conflict of interest1 -
That good news, though your solicitor doesn't sound particularly on the ball...0
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