Finding it hard to get a solicitor to do a switch for me
- Thread starter Balfour
- Start date
Balfour as i said earlier my solicitor doesn't want to do too many. He is already doing it for a colleague at work. Your solicitor should do it, it's totally above board etc, all you are doing is taking advantage of the system and the Government and Central Bank are pleading with consumers to switch their mortgages to get better deals. Get your solicitor to do the first switch. Once its completed then tell him not to register the new mortgage because you are switching again, they will have no option but to do as you say. It;s better if they are on your side but if not try another solicitor who might be glad of your business.
Why not use the solicitor you did the purchase with?
Our solicitor had no issue taking us on. We didn't switch as fast as Sean Og so each time it was just a normal switch. In fact he gave us a discount for our valued custom and is planning a few switches himself. We are his only clients it seems switching. He was our solicitor for the original home purchase.
Yes Misemoi it shouldn't be an issue but as i said my solicitor had no problem and also gave me a good discount but he doesn't want a flood of clients doing this as a particular bank may see a pattern that everyone who uses a certain solicitor always switch their mortgage after they receive a cash back. He knows of other solicitors who can't act for a client if for example they are getting their mortgage from Bank of Ireland. BOI would say to the customer that they can't use that solicitor.
I approached my Solictor that we used when we bought our house told him what I was planning on doing, he doesn’t want to be involved.,
Brendan Burgess
Founder
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Hi Balfour
That is very odd.
Did he say why? Is he no longer in the conveyancing business? Were you a difficult customer?
Just go to another solicitor.
Brendan
That is very odd.
Did he say why? Is he no longer in the conveyancing business? Were you a difficult customer?
Just go to another solicitor.
Brendan
Thanks Brendan for your comments, as said above, he wasn’t interested in listening, and also to confirm, I wasn’t a difficult customer!!!.
As a practising solicitor, in theory, I have no problem acting for a client doing a switch and then another switch and then another switch.
In practice, it would be such a pain because you'd only have closed one file before you'd be opening another.
When it comes to the multiple switches, I start getting twitchy.
Let me explain why.
Conveyancing when there are mortgages involved only work where solicitors are giving undertakings.
A simple example- where we have a mortgage free vendor selling to a cash purchaser, there are no undertakings to Banks.
Let's look at a simple switch.
First undertaking by the solicitor is to Bank A - we undertake not part with the Deeds unless we are in a position to discharge the Bank's charge.
Borrower is switching to Bank B- to complete the process, the solicitor undertakes to Bank B as follows:
1. The borrower has good marketable title.
2. The mortgage documentation has all been signed by the borrower.
3. The provisions of the 1976 Family Home Act, as amended, have been complied with.
4. The new mortgage ranks as a first charge on the property to be mortgaged.
5. The solicitor is in funds to complete the registration of the new mortgage
6. The borrower has executed the life policy assignment form.
The borrower will have to send in the Notice of Assignment of the Life Policy and evidence that the bank's interest is noted on the household policy to Bank B. These have to be in place before the funds will issue.
So, I get redemption figures from Bank A - close to when I expect to get the funds from Bank B.
I get the Bank B funds, organise searches, redeem Bank A's charge, and then attend to making sure that charge is released from the title. And then I have undertaken to register the new charge in favour of Bank B.
I'm now holding the Title Deeds in trust for Bank B.
But now the client decides to switch again to Bank C before I register the new charge.
So, I'm to give the same undertaking as I gave to Bank B to Bank C? And the borrower will have to send in the Notice of Assignment of the Life Policy and evidence that the bank's interest is noted on the household policy to Bank C. These have to be in place before the funds will issue.
So, I get redemption figures from Bank B - close to when I expect to get the funds from Bank C.
I get the Bank C funds, organise searches, redeem Bank B's loan, and then I have undertaken to register the new charge in favour of Bank C.
At this stage, I have no idea whether I am coming or going, I regret the day I ever met this client because nothing is worth this level of chaos plus everything is riding on my now multiple undertakings.
So, I see now why a solicitor would be unwilling to get involved!
mf
In practice, it would be such a pain because you'd only have closed one file before you'd be opening another.
When it comes to the multiple switches, I start getting twitchy.
Let me explain why.
Conveyancing when there are mortgages involved only work where solicitors are giving undertakings.
A simple example- where we have a mortgage free vendor selling to a cash purchaser, there are no undertakings to Banks.
Let's look at a simple switch.
First undertaking by the solicitor is to Bank A - we undertake not part with the Deeds unless we are in a position to discharge the Bank's charge.
Borrower is switching to Bank B- to complete the process, the solicitor undertakes to Bank B as follows:
1. The borrower has good marketable title.
2. The mortgage documentation has all been signed by the borrower.
3. The provisions of the 1976 Family Home Act, as amended, have been complied with.
4. The new mortgage ranks as a first charge on the property to be mortgaged.
5. The solicitor is in funds to complete the registration of the new mortgage
6. The borrower has executed the life policy assignment form.
The borrower will have to send in the Notice of Assignment of the Life Policy and evidence that the bank's interest is noted on the household policy to Bank B. These have to be in place before the funds will issue.
So, I get redemption figures from Bank A - close to when I expect to get the funds from Bank B.
I get the Bank B funds, organise searches, redeem Bank A's charge, and then attend to making sure that charge is released from the title. And then I have undertaken to register the new charge in favour of Bank B.
I'm now holding the Title Deeds in trust for Bank B.
But now the client decides to switch again to Bank C before I register the new charge.
So, I'm to give the same undertaking as I gave to Bank B to Bank C? And the borrower will have to send in the Notice of Assignment of the Life Policy and evidence that the bank's interest is noted on the household policy to Bank C. These have to be in place before the funds will issue.
So, I get redemption figures from Bank B - close to when I expect to get the funds from Bank C.
I get the Bank C funds, organise searches, redeem Bank B's loan, and then I have undertaken to register the new charge in favour of Bank C.
At this stage, I have no idea whether I am coming or going, I regret the day I ever met this client because nothing is worth this level of chaos plus everything is riding on my now multiple undertakings.
So, I see now why a solicitor would be unwilling to get involved!
mf
Coldwarrior
Registered User
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- 393
And then it gets a hundred times worse because now I've lodged the new Mortgage Deed for registration, so I need to deal with that AND register the new charge and I'm still in there with my undertakings?
mf
"there are solicitors out there that are seemingly happy to do this."
They may not have enough experience to know the potential work involved/difficulties........
I met a newly qualified solicitor from Limerick on Friday who told me that it does not matter what he quotes for work in Limerick, there will always be someone else who will do it more cheaply.
And I understand all the arguments, pros and cons of pricing but a bad combination, for both parties, is a canny client and a rooky solicitor.
mf
They may not have enough experience to know the potential work involved/difficulties........
I met a newly qualified solicitor from Limerick on Friday who told me that it does not matter what he quotes for work in Limerick, there will always be someone else who will do it more cheaply.
And I understand all the arguments, pros and cons of pricing but a bad combination, for both parties, is a canny client and a rooky solicitor.
mf
Yes i agree with Renter45, i also took care of the home insurance and deeds of assignments. It's only a phone call to the insurance company and life insurance company. There can't be more than 3 hours work in the whole process for a solicitor. If it was costing me €1500 plus vat to switch then it would hardly be worth it for most people. With a €300k mortgage it still would be for me but i hope to get my 3 switches done for less than €2000 in total.