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Conveyancing on Buy-to-Let Property

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  • 23-04-2012 10:29am
    #1
    Buy2Let
    Closed Accounts Posts: 2 ✭


    I'm being told that Banks (AIB in this specific case) now assign their own solicitors for BuytoLet properties to complete the conveyancing and the purchaser (me) doesn't need to get their own solicitor.

    Could this be true? Advice appreciated


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Buy2Let wrote: »
    I'm being told that Banks (AIB in this specific case) now assign their own solicitors for BuytoLet properties to complete the conveyancing and the purchaser (me) doesn't need to get their own solicitor.

    Could this be true? Advice appreciated

    Yep, that's true. AIB look for a 3 way closing on a buy-to-let purchase, the vendors solicitor and purchasers solicitor handle all the documentation and then it's sent to the banks solicitors to oversee closing and ensure all is in order. It was brought in due to rogue solicitors arranging multiple loans on the same property. The client pays their own solicitors fees and at the moment the bank are absorbing the cost of their solicitor although this may change..


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    #3
    Buy2Let
    Closed Accounts Posts: 2 ✭Buy2Let


    killers1 wrote: »
    Yep, that's true. AIB look for a 3 way closing on a buy-to-let purchase, the vendors solicitor and purchasers solicitor handle all the documentation and then it's sent to the banks solicitors to oversee closing and ensure all is in order. It was brought in due to rogue solicitors arranging multiple loans on the same property. The client pays their own solicitors fees and at the moment the bank are absorbing the cost of their solicitor although this may change..

    Thanks for the reply. Do you know if its just AIB that are following this new process or all banks??

    It would appear to be a good idea for the bank and assuming I'm not being asked to pick up the tab, sounds acceptable. Does it add additional time to the closing process?


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    #4
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Buy2Let wrote: »
    Thanks for the reply. Do you know if its just AIB that are following this new process or all banks??

    It would appear to be a good idea for the bank and assuming I'm not being asked to pick up the tab, sounds acceptable. Does it add additional time to the closing process?

    Seems to be just AIB at the minute. Shouldn't really add any more time onto the process. If the closing date is set for the 10th of the month it just means the vendors and your solicitor get everything to the bank's solicitor in time to close on the agreed date.


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    #5
    Kosseegan
    Banned (with Prison Access) Posts: 987 ✭✭✭Kosseegan


    Buy2Let wrote: »
    I'm being told that Banks (AIB in this specific case) now assign their own solicitors for BuytoLet properties to complete the conveyancing and the purchaser (me) doesn't need to get their own solicitor.

    Could this be true? Advice appreciated


    You still have to get your own solicitor. It may also cost more because there will be extra work, dealing with the banks solicitor.


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