Ronald Fletcher & Co.
Free Phone Consultation
Call: 0207 624 0041
Menu Contact

Caution urged in buy-to-let transaction lending

The conveyance of property involves multiple steps. If just one of these steps is not completed correctly, it is possible issues could arise with the entire transaction. Through the rest of the month, a property risk expert is urging conveyances and mortgage lenders to pay even closer attention to lending risks. This is due to an expected increase in the number of buy-to-let property transactions. The anticipated rise in transactions of this nature is due to a stamp duty increase that takes effect the first of April. 

According to the property risk expert, transactions of this nature “leave significant margins for error.” This is in large part due to the fact that it is typically property that is not owner-occupied, involved in these transactions. Potential issues that could arise could include:

  • Fraud
  • Duress
  • Solicitor negligence

These issues could result in the parties involved in the transaction suffering economic injury.

Parties involved in property conveyances rely upon experts—such as solicitors—to manage the many aspects of a transaction that they are unfamiliar with. Accordingly, solicitors play an important role in these types of transactions. While it is understandably upsetting when something goes wrong as a result of actions taken by a solicitor, when solicitor negligence is to blame for a problem with a property conveyance, it may be possible for the injured party to take legal action.

For those who opt for this course of action, the best way to do this is usually to work with a solicitor who takes on cases of this nature.

No Comments

Leave a comment
Comment Information
Authorised and regulated by the Solicitors Regulation Authority (SRA) SRA number 48369