I recently purchased some commercial property . I agreed an amount with the solictor for his fees in transferring the property into my name.
I then got loan approval from Ulster bank. The difficulty is that apparently Ulster Bank are now insisting that the solictor must have a specific type of insurance in order to draw down the funding from Ulster Bank, or the solictor drawing down the funding from Ulster bank must be on an approved list. I am not sure of the specifics but this is how it has been explained to me.
The problem now is that my solictor has contacted me and advised me that he has arranged for another solictor to draw down the money from Ulster Bank, but this solictor is looking for a fee of €400 plus vat. This is in addition to the fee which I agreed with my solictor.
What are my options here.
Note the contracts which I signed have put a closing date of 20th May for the transfer of the property. If this deadline is not adhered to then the seller's solictor has the option of charging me an additional 12%.
Any advice would be greatly appreciated
I then got loan approval from Ulster bank. The difficulty is that apparently Ulster Bank are now insisting that the solictor must have a specific type of insurance in order to draw down the funding from Ulster Bank, or the solictor drawing down the funding from Ulster bank must be on an approved list. I am not sure of the specifics but this is how it has been explained to me.
The problem now is that my solictor has contacted me and advised me that he has arranged for another solictor to draw down the money from Ulster Bank, but this solictor is looking for a fee of €400 plus vat. This is in addition to the fee which I agreed with my solictor.
What are my options here.
Note the contracts which I signed have put a closing date of 20th May for the transfer of the property. If this deadline is not adhered to then the seller's solictor has the option of charging me an additional 12%.
Any advice would be greatly appreciated