Hello,
please help me understand this: for context I’m getting a mortgage out and these are the conditions the lender has sent me.
why would they be acting as my attorney when I already have a solicitor?
the snippet is below;
Acting on your behalf
When you take out this mortgage you appoint us to be your attorney, which means a
person who can legally act on your behalf. We can also delegate this power
to someone else.
You also appoint any receiver to be your attorney.
This appointment will continue until the agreement ends. You can’t cancel it.
We’ll be your attorney until your mortgage has been fully repaid. This includes the money you owe us, and any other amounts secured by your mortgage.
This allows us, or the receiver, to do anything
needed to use, protect and enforce our rights under your mortgage in your name and on your behalf.
This means we (or a receiver) can:
• sign documents
• enter into agreements
• register documents at the Land Registry
on your behalf.
If we, or a receiver, do something as your attorney, it’s as if you had done the thing yourself.
If you’re borrowing with someone else, then when we or a receiver act as attorney we do so for all of you together and each of you separately