To cut a long story short our solicitor has decided to tell my partner and I 1 week prior to completion that they won't act for us unless we take out an insurance product that covers the sizeable (50k) deposit we are being gifted by our parents.
Apparently this is to protect the lender should either of our parents go bankrupt so there will be no recourse on the property.
Both sets of parents have over 500k assets and no outstanding liabilities.
My mrs works for the FSA and I work in banking and we have never heard of this product.
Nationwide are providing the mortgage and have not specifically asked for this and have just told the solicitor to abide by the usual rules.
We have spoken to countrywide and other solicitors who have said they would not require us to get this cover but we feel we are too near to completion to change firm now.
Happy to provide more info but surely this is wrong?! This must be miss selling? the product is jot appropriate imo. We await the premium... If firms have been practicing this I'm starting a claims company LOL
Apparently this is to protect the lender should either of our parents go bankrupt so there will be no recourse on the property.
Both sets of parents have over 500k assets and no outstanding liabilities.
My mrs works for the FSA and I work in banking and we have never heard of this product.
Nationwide are providing the mortgage and have not specifically asked for this and have just told the solicitor to abide by the usual rules.
We have spoken to countrywide and other solicitors who have said they would not require us to get this cover but we feel we are too near to completion to change firm now.
Happy to provide more info but surely this is wrong?! This must be miss selling? the product is jot appropriate imo. We await the premium... If firms have been practicing this I'm starting a claims company LOL