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Property/DIY

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Scottish Conveyancing Question Factoring Letter

2 replies

Catmaw2two · 17/06/2023 12:10

When I put an offer in on a house, I was told I'd get a factor's letter from the seller's solicitor. 2 months down the line and I've still not got it. When I asked the paralegal that's dealing with things at my end (she gets help from the solicitor she works with), she said that I'd get it after missives completed but surely that's like closing the stable door after the horse has bolted? She said that I was covered by Standard Scottish Clause 7, which has been kept in. I'm meant to transfer funds and get keys in a 10 days. Should I get out of the agreement if they don't provide this letter? Is it absolutely necessary? Any advice would be appreciated. It's a flat I put the offer in on.

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Fingerbobs · 17/06/2023 14:32

The key question is do you know how much the factor charge is? Because the letter just confirms that and tells the factor when to stop charging the seller and start charging you (the letter template is here )

PSG_LSS Residential Project - Letter to Factors.DOCX

https://docs.google.com/document/u/0/d/1Vq1Sda9QgQrGXiJttbp2lzmq7PzvKzEt/mobilebasic

Catmaw2two · 17/06/2023 14:36

Thank you for replying Fingerbobs. I called them myself, in March and I seem to remember is was very reasonable. You've helped me make my decision.

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