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 Mortgages and Mortgage Offers Q. Do I need to let you have a copy
of my Mortgage Offer?
A. No, your lender will
send us a copy of your offer a day or so after you receive yours. However, in some cases we do not receive a copy
of the valuation report and therefore you may need to provide us with a copy of this.
Q.
When do I make my first Mortgage payment?
A. Each mortgage company is different and therefore when contracts have been exchanged and you know
the completion date, you should contact your mortgage company and ask when the first payment is due to be taken from
your account.
You should also check the amount of
the first payment because this can be larger
than subsequent payments due to the way lenders
calculate interest.
Q.
What is a Redemption Statement?
Put simply, this is the figure provided by the mortgage lender that
shows the
amount needed to clear your existing mortgage. We will request a redemption
statement from your lender and ask them to calculate the amount outstanding up
to the date you are due to complete. Sometimes due to their regulations,
Mortgage Lenders
will send a further copy to you for your information.
Q. Can you exchange based on a faxed mortgage offer?
Yes, provided that the completion date is at least a week away. This is
because our
mortgage offer is slightly different to yours in that included in ours is the request
for
the funds. Most lenders require the original signed request from us before they will
release the funds. Therefore, we can exchange contracts on a faxed mortgage
offer because at least we can be certain that the hard copy will be sent shortly.
We must leave
plenty of time before completion however, to ensure that there is
enough time to receive and
process all of the original documentation when it
arrives.
Q. Why do you need to report an amended purchase price to my
lender if my
borrowing isn't affected?
We are required by all lenders to ensure that all
of the details in your mortgage
offer are correct and this includes any alteration in the
purchase price. This also
applies if you are receiving money by way of a gift from a family
member as this will
also need to be reported.
Therefore
it is extremely important that you advise us of any alteration as
soon as possible as failure to do so may result in an amended Mortgage Offer
and therefore could delay your case significantly.
Q.
Why do you and my lender need to know about anybody over the age of 17
who will occupy
the property?
If people
are living in the property but not buying and are over the age of 17, they
may acquire
what is known as an "overriding interest". This is a bit like the old
fashioned
idea of "squatters rights". If you are having a mortgage and you do not
keep
up the repayments on it, the right of the lender to repossess the property will
arise.
Whilst the lender can remove all parties to the mortgage and anyone under
18, those with an
overriding interest cannot be evicted easily. Therefore your
lender requires all such
persons to sign what is effectively a waiver of their right to
remain in the property if repossession
occurs. If this is required in your case, you
must let us know so that the documentation
can be sent out to the occupier who
should then take it to an independent solicitor to have
it witnessed. They are
likely to make a charge for this. We are unable to witness
this as a conflict of
interests would arise.
Q.
Do you charge extra for dealing with my Mortgage Lender?
No, unlike some other solicitors and Internet only organisations, we will never
charge you extra for dealing with your mortgage lender. All the work in dealing
with your mortgage deed, redemption statement and checking that the mortgage
offer complies
with regulations is included within our fees. 
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