• DIY Conveyancing Help Needed Please

    By Guest on 13th Oct 2016

    I have sold my house using a family member who is a qualified trainee solicitor she is unable to do the undertaking so the bank have provided the settlement figure along with a bank account number and sort code for the money to be paid into. they have also provided a letter to say once they have recieved the money they will clear the charges at the land registery the buyer solicitor are saying we can't do this is this correct ? thank you in advance for your help

  • 5 Answers

    By Guest on 13/10/2016

    Yes this is right. The buyer's solicitors are obliged to to obtain an undertaking from a firm of solicitors which is registered with the Law Society and which has adequate professional indenity insurance (the current minimum is £2,000,000 I believe) or a firm of licensed conveyancers again with adequate insurance that the solicitor/conveyancer will repay the mortgage and supply the DS1 or other discharge documentation on receipt. You can ask the buyers solicitors to redeem the mortgage on your behalf. If they are not prepared to do so then you will have to instruct another firm to redeem the mortgage. The risk to the buyers solicitor is that if you don't pay off the mortgage they are liable to their client and may ultimately have to pay it themselves

  • By Guest on 13/10/2016

    But surely if the money is going straight to the bank that my mortgage is with and they have issued a letter saying they will clear the mortgage and send the discharge to land registary that should be enough ?

  • By Guest on 14/10/2016

    That's not generally how it works. The money will be going to your current/savings account and you would have to transfer it to your mortgage account. Even if you have an offset mortgage (so that both your current account and mortgage account are the same) a redemption statement would have to be issued directly to the buyer's solicitors for it to work. Have you asked them about whether they are prepared to do this?

  • By Guest on 14/10/2016

    Hi yes the redemption statement was issued for the buyers solicitor the bank account number was natwest mortgage section and the ref number my mortgage account number so the money was not coming to me. It was going straight to the bank. The bank then issued a letter to say they would clear the mortgage and the charge at land registry.

  • By Guest on 17/10/2016

    Ok, in that case it may simply be that the buyer's solicitor is not comfortable acting as agemt for you and your lender (which is what you are asking). That's up to him and you can't force him.

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