Anyone able to give me some advise on subrogation of a loan. uk law.?
If a lender provides funds to pay off the loan of party "a" in full, but it is incorrectly used by a solicitor to reduce the loan of party "b". is the new lender subrogated to party "b"?
Answer
Not unless the contract the lender signed permits the borrower to reassign the proceeds in this way - it is unusual that such a contract would.
you should check to see whether the solicitor
made an error - in which case you have a claim against them - or was instructed by "a" - in which case your issue is with the borrower.
