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
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.
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