View Full Version : Solicitor needed to "certify" AST
07-02-2010, 23:30 PM
You may have read my other thread re a loan company requiring my AST to be on a solicitor's headed paper in order for them to count it as valid income.
I was wondering if there are any solicitors on here, or any solicitor anyone can recommend to have a look at my AST (which is a standard Netlawman furnished AST document) and stamp it and/or write a letter to confirm that it is a valid contract so I can jump through the hoop for this loan application?
Any help very greatly appreciated!
08-02-2010, 10:48 AM
The first point is that there is no such thing as an AST agreement. This is because whether or not a tenancy is an AST depends upon the statutory conditions being for the time being fulfilled. Equally, I do not think a solicitor can actually certify any document as valid, because its validity may depend on something outside the document.
Your lender would apparently have been satisfied with the agreement if it appeared that it had been prepared by a solicitor. Even if it is assumed that the document is exquisitely drafted, this is a bit of a nonsense because there is no guarantee that the tenancy is an AST. Further, even if the agreement is one that gives you the right to sue the tenant for rent there is no guarantee that the tenant will or can pay.
The best a solicitor can do is to look at the agreement and give his views on the agreement as such.
I am afraid that those who advise lenders do not always know what they are doing. It is not unusual to be faced with demands that are unnecessary, unreasonable or impossible to comply with. You keep explaining why you cannot do what is being asked, but the points you make are never addressed and the demand is just repeated. A colleague once acted for his daughter on a purchase. A totally unreasonable demand was made. The bank would not budge. He cancelled the application. It cost him the survey fee "but it felt good!"
Whilst of course lenders need to investigate and do whatever is needed to ensure they have proper security, it should always be remembered that lenders are just like anyone else selling a product - it just happens to be money. You can negotiate and not stand for any nonsense and if they do not like it go elsewhere.
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