Can we clarify the issue, you are purchasing a BTL for 110 and are borrowing 40K as a commercial loan. You have your solicitor to complete the transaction, and in normal mortgage situations, this solicitor would also act for the bank.
BOI are classifying any property purchase that is not a PPR as a commercial purchase and a commercial purchase requires a 3rd solicitor appointed by the Bank and paid for by the customer.
Now you are stating the bank wishes to hire it's own solicitor, and you have to pay for this, what will this solicitor do? Why do you say 3rd solicitor?
I am raising this issue as not everyone is aware of this requirement. It is an extra cost burden for small businesses in particular.
.
I just considered that it was a legitimate consumer issue. Nothing got to do with letting off steam.
Only in Ireland would you need to have three solicitors involved in the smallest property transaction.
Before the crash, the banks trusted the buyer's solicitor to take care of the banks interests by way of undertakings. Some solicitors have screwed up to such an extent that the banks now require their own solicitor to check over the title / security of the property being purchased.
In some of Europe's more developed economies (eg Sweden Finland Denmark et al) no solicitor is needed in such a transaction. What does this say about us.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?