Appointing a Solicitor for House Purchase

IsThisOneFree

Hi All

I'm currently applying for a mortgage and have just found out that I need to have a solicitor in order to get the mortgage approved in principal (had always assumed I could get it once I had chosen a house) as the offer letter goes to the solicitor.

What I'm wondering is, once I chose a solicitor, do I need to make any payment in order to secure them as my solicitor ? ie, I'll nominate them on my mortgage application and they'll receive the offer letter on my behalf but at that stage, I won't have handed over any money, so what reason does the solicotor have to trust me at this early stage ? Am I making sense here ?

Thanks in advance !!

Milk & Honey

It is a matter for negotiation. I would be wary of any who would seek money at this stage. Most will be happy to take a fee on the closing of a sale. that being said it is a lot of hassle for a solicitor. They have to process you as a client because of the money laundering regulations which is time consuming, as well as give you preliminary advice. Where solicitors are concerned reputation is the main issue to be concerned with.

IsThisOneFree

Thanks for the reply, much appreciated

It is a matter for negotiation

Are you referring to the costs here ? Or ..... ??

that being said it is a lot of hassle for a solicitor. They have to process you as a client because of the money laundering regulations which is time consuming, as well as give you preliminary advice

Do you mean that I may have to "convince" a solicitor to take me on ?

killers1

IsThisOneFree wrote: »

Hi All

I'm currently applying for a mortgage and have just found out that I need to have a solicitor in order to get the mortgage approved in principal (had always assumed I could get it once I had chosen a house) as the offer letter goes to the solicitor.

What I'm wondering is, once I chose a solicitor, do I need to make any payment in order to secure them as my solicitor ? ie, I'll nominate them on my mortgage application and they'll receive the offer letter on my behalf but at that stage, I won't have handed over any money, so what reason does the solicotor have to trust me at this early stage ? Am I making sense here ?

Thanks in advance !!

You do not need a solicitor to get mortgage approval in principle, you only need one when you are telling the bank who to send the loan pack to! You also don't pay the solicitor anything until closing when they give you a bill and you usually settle it when you get your keys. You don't need to convince a solicitor to take you on, it's a service they provide and are more than happy to have your business.

IsThisOneFree

Sorry for the late reply .... didn't spot your post until now

Thanks for the info ... I'll need to quiz the bank again on the solicitor situation in that case.

On the solicitor front, I've called several to get quotes (tip .... shop around !! I've had some places double the quotes I've gotten in other places) and like you said, they were more than happy to take me on without paying anything upfront

Thanks again for the replies ... always appreicated