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You act for a buyer who is buying a house with a loan to be secured by a mortgage. You also act for the mortgage lender.One of the conditions of the mortgage is that the buyer will meet the balance of the purchase price from their own funds, and not further borrowing.You are due to exchange tomorrow, or the seller has indicated that they may withdraw from the transaction. The deposit has arrived today. Your accounts department tell you that the payment has been made from a company who only deal in personal loans.How should you proceed?A. Given the urgency of the transaction, you should exchange, but raise this issue with the client before completion.B. You should advise your client that the loan company should have made the payment to your client, and then from their account to you, so that it would appear as a cash advance.C. Under the Conveyancing Protocol, you should advise the seller's solicitor of the issue so that they understand the cause of the delay.D. You should notify your lender client, and let your client know when you have their response.E. You should advise your client that you will need to disclose this to your lender client, and if your client does not give their
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