Buying a Home
Buying a Home
When Should I Advise my Mortgage Lender or Broker That the Purchase is Proceeding?
As soon as Conveyancing Direct advises you that your offer is to be accepted lenders can then process the mortgage papers. In the unlikely event of the purchase falling through you would not normally be liable for any cost to the lender if the loan funds are not actually used. But you should check with the lender in each case as some lenders and brokers charge arrangement fees regardless of whether a mortgage proceeds.
How Long Does it Take to Get a Binding Contract With the Seller?
Time was when these contracts (missives in Scotland) could be binding with 24/48 hours after the offer. Nowadays the average missive takes 10 to 14 days and sometimes longer if both sides stuggle to agree to the terms of the contract or there is a hold up with mortgage papers. Conveyancing Direct will write to you when there is a binding contract.
What Costs do I Have if my Offer is Successful?
You will have to pay the surveyor's fee if your lender requires one.
Conveyancing Direct does not charge for the first two unsuccessful offers. Your mortgage advisor should tell you what the survey fee is likely to cost when discussing your mortgage requirements with them.
What Happens Next?
Your mortgage advisor will complete formalities to ensure that your lender issues the mortgage offer and instructions to Conveyancing Direct before your date of entry. The seller's solicitor will send the title deeds and search reports from the local authority and central government title registers to us and any other reports or certificates which are conditions of the missive. Conveyancing Direct will prepare the new title deed to be signed by the seller.