How JustAnswer Works:

 
 
 
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
 
 
 
Ask JGM Your Own Question
JGM, Solicitor
Category: Scots Law
Positive Feedback: 98.9 %
Satisfied Customers: 5258
Experience: 27 years as a practising solicitor.
Type Your Scots Law Question Here...
JGM is online now
A new question is answered every 9 seconds

I am currently arranging an interest only mortgage on my house

Resolved Question:

I am currently arranging an interest only mortgage on my house (on which there is currently no mortgage) My house is worth approximately £125K and I have applied for a mortgage of £45k. The deal is being handled/arranged by Age Partnership, of Leeds, and the loan is being issued (all being well) by the Leeds Building Society. I have been handling all of this myself but wonder if I should have a solicitor involved as well. The Leeds Building Society are represented, in Scotland by solicitors Walker & Laird, in Paisley and, as previously stated, I wonder if should also have a solicitor. Your advice upon this matter would be appreciated and should it be the case that I do need official/legal representation are you able to recommend a solicitor for me, please?
I look forward to hearing from you.
Stuart P Lowson

Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.

Thank you for your question.

You do not need your own solicitor for a mortgage transaction where the lender has a solicitor to prepare the security and other paperwork.

As long as you understand that you are granting a security over your house, as a result of which your home can be repossessed if you don't keep up the payments, and that in an interest only loan, the capital will at some stage require to be repaid, there is no purpose in having your own solicitor.

I hope this helps. Please press ACCEPT so that I am credited for my time.

JGM, Solicitor
Category: Scots Law
Positive Feedback: 98.9 %
Satisfied Customers: 5258
Experience: 27 years as a practising solicitor.
JGM and other Scots Law Specialists are ready to help you
Ask Your Own Question Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Ben Jones's Avatar

    Ben Jones

    Solicitor

    Positive Feedback:

    100.0 %

    Satisfied Customers:

    315
    UK Solicitor
< Last | Next >
  • http://ww2.justanswer.com/uploads/venkoj/2010-02-20_133027_ben_pic.jpg Ben Jones's Avatar

    Ben Jones

    Solicitor

    Positive Feedback:

    100.0 %

    Satisfied Customers:

    315
    UK Solicitor
  • http://ww2.justanswer.com/uploads/Topadvisor/2010-5-18_221239_Me.jpg John Knox's Avatar

    John Knox

    Solicitor

    Positive Feedback:

    94.3 %

    Satisfied Customers:

    223
    Solicitor and Advocate
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Positive Feedback:

    92.9 %

    Satisfied Customers:

    25
    I am a practicing solicitor, specialising in litigation, employment and family law
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/JA.64x64.jpg Law Denning's Avatar

    Law Denning

    Solicitor

    Positive Feedback:

    96.8 %

    Satisfied Customers:

    3976
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Positive Feedback:

    92.7 %

    Satisfied Customers:

    3849
    LL.B, Pg Dip, LL.M, Advocate (Civil), M.B.A (Undertaking)
  • http://ww2.justanswer.com/uploads/taratill/2010-03-09_111600_phpsik04M_c2AM.jpg Jenny Mackenzie's Avatar

    Jenny Mackenzie

    Positive Feedback:

    99.3 %

    Satisfied Customers:

    2534
    Over 10 years experience in general legal matters