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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 14932
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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We have bought a house through a private agreement from my

Customer Question

We have bought a house through a private agreement from my mother in law drawn up by her lawyer, just recently we applied for a mortgage to complete necessary repairs and maintenance this has been approved by the bank just requiring our lawyer to register they bank as an interested party on the house.
Our lawyer has come back to us saying we already have a mortgage on the house and my mother in law would have to agree to her being a second mortgage.
My mother in law spoke to her lawyer yesterday who had no issue with us taking a mortgage on the property but since then our lawyer has been in touch with her lawyer and has come back to us saying we would need quotes for everything we need to do and then to put a proposal in writing, in the meantime we are incurring interest on a mortgage we have not been able to draw on, what can we do from here
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

You could likely get quotes locally, to start with and then later when you actually do the work, and are in the district, get local quotes from the house location area. I think the lawyer acting for your mother in law is being cautious, because his client will have a second mortgage rather than first, which means it will be less secure. So to ensure his clients interests are protected he has asked for the quotes. You won't be bound by the quotes until you start to do the work, and you could get new quotes at that time. They are likely just looking for a budget for the work. I don't know if this helps, but feel free to ask further