"Refinancing, need for a Solicitor ?"

[rickmick]

From: Rick -


G'day,

Could anyone tell me if the services of a solicitor are needed when refinancing multiple loans through a mortgage broker to one new bank. I would have thought that the new bank would use it's own legal system for checks and naturally, pass on any costs to the customer.

Thanks Rick

 

[Rolf Latham]

Reply: 1
From: Rolf Latham


Hiya

Umm, most lenders include this cost in their app fee, and its is mainly to look after the mortgage documentation side of the deal

Ta

Rolf

 

[WebBoard]

Reply: 2
From: Peter Troiano


What a great question.
If you deal with any non bank lender or a trustee that is involved, you will need a solicitor if you are keen to settle.(I can tell you)
If you deal with a bank you can not worry about this. If the lender has asked for a solicitors cert then u must see one.Its a condition and the lender wont settle.
I think it is always in the interest of the borrower to get legal advice to oversee that there is no conditions that might have been missed. It is Worth it. The broker has completed their job up until docs issued.
You would not believe the amount of docs that are signed without borrowers UNDERSTANDING their full obligations. Ask them what an "All Monies" clause is next time you see your solicitor and they will smile.