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Can Bank tell you what Solicitor to use???

  • 16-04-2008 7:44am
    #1
    JD24
    Registered Users, Registered Users 2 Posts: 220 ✭✭


    Morning all,

    Have a small query....

    I'm currently switching mortgage lenders which obviously involves legal fees. The Bank I am using have informed me that they will pay my legal fees on the basis that I use a Company called American Title. I've checked them out and it all seems above board but I work for a Solicitors office so would be more inclined to use my office. However the bank have told me that I am not allowed to use the Solicitor I work for.

    I had explained to my Broker that I would be more that willing to pay my own costs but was again told that I was not allowed to use the Solicitor I work for. Was just wondering if anybody has ever experienced this or if in fact the bank is allowed to enforce this???

    Thanks


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Well there is a major conflict of interest there. So i can see why your no being let use solicitor firm.

    If you wish to avail of the free solicitor fee's you must use the banks solicitors.

    Has the banks made it part of the offer letter, if so then you must agree with it or the offer does not stand.


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Defo with BOI if you are a solicitor you can't represent. Other banks used to carry out this practice. I doubt they still do it due to Michael Lynn and others. There's a conflict of interest if you use the same solicitor you work for. Best bet is to go with the solicitor the bank have suggested.


  • #4
    JD24
    Registered Users, Registered Users 2 Posts: 220 ✭✭JD24


    Well I have not seen the loan pack as of yet as I'm dealing with a Broker but apparently it is a condition of the loan. I was more than happy to pay my own legal fees and not avail of the free legal fees from the bank but was told I could not do this.

    Anyways its only switching mortgage lenders so am not that fussed. Just have a little doubt in the back of my mind about the banks solicitors. They could be another Michael Lynn or Thomas Byrne!! :(

    thanks for all the replies :D


  • #5
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    American Title is not a firm of solicitors - it is a form of title insurance which insures the lender against there being any problems with the legal ownership of the house by you. There is not as much need to go through the full conveyancing process with a mortgage switch - but the lender is just covering themselves if there are any future problems about the legal "title" to the property. Loads of people use it - it will be fine.


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