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Remortage frustration
Comments
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I'm not sure what requirements your solicitor has told you but it would be highly unusual for them to say not to use friends!!
Have you perhaps misunderstood their instructions?
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Does it actually say no friends? I don’t recall seeing one that says no friends, just no family. As above, what about neighbours or work colleagues?
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Presumably the "free legals" remortgage option?
They get paid about £35 for doing a remortgage and it's no surprise that means as much cost saving as possible.
We use the "own solicitor cashback" option so we know what to expect. We also help out with certified ID/POA.
FWIW I couldn't tell you the processes of every such solicitor used by lenders so blaming your broker seems a bit extreme.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2 -
Yes the bank wants it done again, to remove the risk of fraud, as they are obliged to to under the rules and regulations.
Not an issue for most people as it would not be a "random person", it would be a friend. None of my friends would have an issue being a witness and signing with their name and address.
What the bank will do is potentially attempt to verify that person exists electronically, additionally if there were later issues with your identity or queries of details on that form then they may well contact them to verify they witnessed the document.
Similar happens with passports now, accept the person verifying gets asked to confirm every time by the passport office online that they are approving the pictures as a true likeness of the person every time. ID checks have become more important, and making sure documents are completed and witnessed properly is a legal requirement.
You can find things ridiculous if you want, but that does not change the requirement for certain documents to have a legal witness.
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The requirements do not stop people using friends, they stop people using family members.
The process is reviewed and up to date, in a few more years it will be the same as the passport system, the person witnessing will be required to verify online using their own ID documents.
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I didn't blame my broker I just think it would serve them well to fully inform their clients of what to expect, and the steps involved.
Also the lender have deployed their own solicitor, so I don't need one.
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Yeah still overkill. I have been paying the mortgage for the last 2 years provably. I'm financially on-point and there's a digital trail of all payments, so it's on me either way. I'm not gunna try to fake my death or anything. This additional signature is stupid.
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One reason to just go with a rate switch with current lender. No nasty paper work to do, no financials to do. Just a simple sign to agree to the rate change.
Life in the slow lane1 -
That would mean staying on like 5.64% (ridiculous) instead of getting it for 4.2% on the new rate.
All lenders are vultures no matter which one you go with.
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Ask someone at work, down the pub, in the local supermarket, etc etc
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