Mortgage Solicitor Plays Vital Role In Buying A Home

2007-05-02 10:04:19

( Legal )



You will need the services of a mortgage solicitor in the house buying process. If you have no solicitors, mortgage lenders will not provide you the amount for your home loan. You cannot just get anybody to be your mortgage solicitor, however. Lenders have set certain qualifications for mortgage solicitors to be acceptable. It is also vital that the mortgage solicitor you hire is not the same person that your seller has hired to avoid conflict of interest.

The primary role of your mortgage solicitor is to protect your legal interest as well as that of the mortgage lender. Your mortgage solicitor is tasked to receive the contract from the seller's solicitor, and to amend any terms and conditions that may be detrimental to your interests. The solicitor will also conduct a local authority search inquiries as to whether the property you intend to purchase is part of a conservation area, or there is an existing plan to develop the area.

Your mortgage solicitor will also check your mortgage offer before the exchange of contracts with the vendor. Solicitors make sure that you comply with the terms and conditions before asking you to sign the contract and to make a deposit of the purchase price. Remember that the sale is binding after you have exchanged contracts with the seller. Your deposit will also be forfeited if you decide to withdraw at this time.

A summary of the contents of the Title Deeds, or its copy is also attached together with the contract from the seller. Your mortgage solicitor may send a clarification in writing for any questions. After the contracts are in place, your mortgage solicitor will ask your lender to make the funds available. If the land is registered, your mortgage solicitor will prepare for a draft transfer. For unregistered property, the solicitor drafts a deed of conveyance.


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