Finding it hard to get a solicitor to do a switch for me

Discussion in 'The Switchers' Forum' started by Balfour, 15 Nov 2018.

  1. renter45

    renter45 Frequent Poster

    Posts:
    75
    1. The borrower has good marketable title. - What does this involve checking? How long timewise??
    2. The mortgage documentation has all been signed by the borrower. - Flicking through the mortgage offer to check signatures. 20 mins max??
    3. The provisions of the 1976 Family Home Act, as amended, have been complied with. - How many provisions? Surely just a checklist?
    4. The new mortgage ranks as a first charge on the property to be mortgaged. - How do you check that? timescale??
    5. The solicitor is in funds to complete the registration of the new mortgage - A quick phonecall to Bank or check online??
    6. The borrower has executed the life policy assignment form. - Solicitor may have to type up a letter of undertaking, 5 mins?? Keep a template

    Just curious to get a little more info on the switching process from solicitor side, took me a couple of hours to get payslips, bills, P60 etc together and filling out application form, after that its just checking in with the bank to follow up.
     
    MugsGame likes this.
  2. RedOnion

    RedOnion Frequent Poster

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    1,947
    I don't know what you're complaining about @mf1 . Have you not read here it's easy money? All you're doing is giving lots of undertakings to do things that you either can't, or don't intend to do. How could that ever go wrong? You have complete control over every other party in the transaction, so everything happens exactly as and when it should. And the solicitor that did original conveyancing did everything to the letter. And if it does all fall apart, your free PI Insurance will cover you, and you've no professional standards to adhere to....

    Brilliant post above on the complexity.
     
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  3. mf1

    mf1 Frequent Poster

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    4,093
    "after that its just checking in with the bank to follow up."

    I'll never convince you guys that there is anything involved other than making a couple of calls and changing names on Template documents but......................


    Lets start at the beginning.

    1.Client calls.
    2.Client and solicitor discuss fees.
    3. Client is horrified at level of fees involved in making a couple of calls and changing names on Template documents but agrees to become a client.
    4. Solicitor to send out S.68 letter and checklist
    5. Client to do AML and deal with standard checklist: provide Mortgage statement, sign and return Authority letter, confirm if any extensions etc for planning, confirm marital status, provide civil marriage cert,
    6. Solicitor applies to take up Deeds- can take several weeks- even longer
    7. Solicitor reviews title - each title is different
    8. Solicitor receives loan off and mountain of paperwork from lender
    9.Client attends solicitors office, they review the loan offer, any special conditions that need to be complied with, borrower signs a mountain of paperwork for the lender
    10.Client deals directly with Bank on life cover etc.,etc.
    11.Solicitor sends off mountain of paperwork to lender- including undertaking and evidence of PI cover
    12.Once all special conditions are complied with, Solicitor applies for redemption figures from current lender
    13.When those are in, Solicitor looks for loan funds from new lender
    14.New lender thinks of something they forgot to ask for or have now lost
    15.That's supplied
    16.Loan funds issue
    17.Solicitor does searches- judgment, bankruptcy and title searches
    If all clear, Solicitor deducts fees and outlays from loan funds
    18.Solicitor discharges existing charge and seeks an E-discharge or Vacated mortgage from old lender
    19.On receipt, Solicitor lodges new charge for registration.
    20. Once that's registered, Solicitor certifies title and sends Deeds to new lender and waits for receipt. File remains open until new lender acknowledges receipt.

    In the event that there's another switch before Number 19, start again at Number 8, work through to before 18, pay off loan that has not yet been registered and ask to be released from undertaking.......

    And start all over again

    mf
     
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  4. renter45

    renter45 Frequent Poster

    Posts:
    75
    Fair play for going into more detail MF, my switch was with the solicitor who completed our original purchase 4 years ago so had all the original files so was an easier job as outlined above from no.8 onwards.
    My solicitor was very relaxed and easy going so never gave off the impression that switches were a pain for him, even though above reads that it is.
     
    Sean Og likes this.
  5. mtp

    mtp Registered User

    Posts:
    35

    Have u ever thought about how bank protect money used to give loan ? They want security in the form of a charge registered on the title deeds in their name and get Letters of Undertaking from a client solicitor to do that before handing out the cheque and the client sign instruction instructing the solicitor to give that undertaking. Undertaking keep the wheel of conveyancing turning. I am not surprised he does not want to do many. i suspect he got your written instruction to give that undertaking to the bank. if he/she did not he /she is foolish but also putting system upon which conveyancing operates .. letter of undertaking...at risk.