Any solicitors-legal advice re buying property

[cellie]

My son made offer on property which was accepted , previous buyers couldnt get their morgage so it came back on market.His morgage is through but old potential buyer has done searches and apparently offer of morgage will be through early next week.Unfortunatley he could be contract race.A friend has offered to lend him money to enable him to purchase before other buyer.Just want to make sure this is all legal .
He will obviously pay friend back immediatley his morgage is through.
Any advice would be appreciated.

 

[sophiebailey]

Any money that is being leant to him from a third party will need to be declared to his mortgage lender especially if he has to repay the money. If they say yes its ok then he could do this, if they don't and he still the solicitor wouldn't be able to proceed with his purchase as they'd be in breach of their obligations to the lender.

Hope this helps, let me know if it doesn't x

 

[cellie]

Yes it does thank you the lender and solicitor are all mutual friends so both will know everything is above board .I feel very disappointed that seller has messed people about, the agent is friend too and is feeling let down.Cheers fingers crossed he gets house

 

[sophiebailey]

Sorry when I say lender I mean mortgage company (mortgage lender) is he planning to borrow purchase price from a friend then repay friend with mortgage advance? If so this will need to be declared to the mortgage company good luck to him with his house xxx