eguimaraesh
New Member
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Hello all,
My wife and I received a loan offer from our lender (Moco) in late December, but our solicitor advised us not to sign until they got the legal pack from the lender. Our broker told us at the same time that the lender was preparing the legal pack.
January arrived and we discovered that Moco won't release the legal pack to the solicitor without us signing the loan offer first. Our solicitor has advised us again to request the legal pack before signing, and won't advise us on the loan offer without the full legal pack. Our broker is negotiating with Moco to change their procedure.
Is it standard practice to oblige the borrower to sign the loan offer without legal advice? (It's a Docusign document that I managed to download as a PDF, but many consumers won't have that knowledge)
Is our solicitor being overly cautious in wanting to review and advise on the whole legal pack? Are we putting ourselves at risk if we sign without legal advice? All the details look correct to us.
It also seems bizarre for them to do this, because how could they defend a potential FSPO complaint on the terms if the borrower said they didn't understand what they were signing or it was incorrect? Moco couldn't use the usual "you got legal advice" line (this doesn't appear in the loan offer).
My wife and I received a loan offer from our lender (Moco) in late December, but our solicitor advised us not to sign until they got the legal pack from the lender. Our broker told us at the same time that the lender was preparing the legal pack.
January arrived and we discovered that Moco won't release the legal pack to the solicitor without us signing the loan offer first. Our solicitor has advised us again to request the legal pack before signing, and won't advise us on the loan offer without the full legal pack. Our broker is negotiating with Moco to change their procedure.
Is it standard practice to oblige the borrower to sign the loan offer without legal advice? (It's a Docusign document that I managed to download as a PDF, but many consumers won't have that knowledge)
Is our solicitor being overly cautious in wanting to review and advise on the whole legal pack? Are we putting ourselves at risk if we sign without legal advice? All the details look correct to us.
It also seems bizarre for them to do this, because how could they defend a potential FSPO complaint on the terms if the borrower said they didn't understand what they were signing or it was incorrect? Moco couldn't use the usual "you got legal advice" line (this doesn't appear in the loan offer).