When you are buying a home you need a solicitor. There is no debate about this, you can’t “do it yourself” or get a pack off the internet. The process of the transfer of money to you from the lender is one of the many reasons. It is something of a common misconception that you actually receive the money from the lender. This is simply not the case. The confusion seems to come from if you’ve ever done a further advance. This is where you raise funds on a property that already has a mortgage. This extra loan runs alongside the main mortgage and is paid directly to you. However, the purchase of a property is quite different. The conveyancer handles the cash transaction. They receive the monies for the mortgage and forward it onto the seller/s.
Why do we need to do this? In many cases it is for your protection. Mortgages are usually six figure sums and with this amount of money you need to have a professional make sure that it all goes to the right place. Imagine if the funds ended up in the wrong place. It can take ages to get them back from the false recipient. A good idea then to get some Best conveyancing quotes
The other reason is to avoid the scourge of Money laundering. This is where illicit gained funds are made clean via a transaction. In other words someone uses an illicitly gained deposit and then sells the house some 6 months later. This has got rid of the dirty sum and converted over to clean.
