Mortgages and Mortgage Offers

Do I need to let you have a copy of my Mortgage Offer?

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.

When do I make my first Mortgage payment?

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.

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.

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.

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.

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.

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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