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The law, at least English law, is like that.

There are some things that are clear. There are some things that are less than clear. Even when the law is clear it might be a problem to successfully convict someone of breaking the law. In other cases the wrong person is convicted. So, the law is not perfectly designed and enforced.

If someone says it is legal to speed and they have been doing it for 30 days does that make it legal?

If a financial firm (what ever that means) says something is legal and it involves finance maybe, just maybe they know a bit more than the average person. We still have plenty of financial firms that later find out they have crossed the line. There was an investment organization in the NW who claimed everything was legal until they were shut down. The 5 directors recently started serving jail time.

If you are a principal in the transaction you have to form your own view as to the legal details and what is going on. If you are going to sign a document saying the facts are the facts so you can get the loan then be prepared to defend your statement in front of a judge if it should ever get to that point. Rarely will you end up in front of a judge. If you did have to explain what went on claiming ignorance is a very weak defense. Read what you sign and understand it.

Ultimately if you want a legal opinion pay to get one from a lawyer who is not working for anyone else. Focus on a lawyer who is qualified and current in the field where you want advice. Have them issue a letter or provide other evidence so if they were wrong you can at least show you asked for legal advice and then you followed the advice.

If you are not sure if a deal will be legal ask the lender after explaining what you are trying to do. If they then refuse to offer you the loan that could be a clue. It might be you asked the wrong person or received bad advice from the lender. It could also mean the deal was dodgy and the lender pulled the offer once they realized what was involved.

Last hint. When you get advice from people who are paid a fee only if the deal goes through assume they will want to present advice that helps the deal go through. They have no incentive to do otherwise.

John Corey

Follow me on Twitter -> www.twitter.com/john_corey 

John K and John C,

Thank you so much for taking the time to post these lengthy replies, it really is appreciated very much.  I'm sure you're both busy people.

We all have to start somewhere, and I'm glad I've 'landed' here where members are so unselfishly giving of their opinions , time and advice.  It's all being taken on board believe me !

Greenwean