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west hampstead, kilburn, swiss cottage and st john's wood Property Services

Other Important Points

Every Lender insists that vacant possession of the Property is obtained unless otherwise agreed. We suggest that you arrange to inspect the property on the morning of completion to establish this. Please telephone us IMMEDIATELY if there appears to be a problem. Generally, we instruct our bank to despatch the purchase monies as early as possible, as soon as we are in funds to do so. Unless we hear from you to the contrary, completion will proceed on the assumption that you are able to gain entry and obtain vacant possession.

We are under an obligation to lenders to report any "suspicious" circumstances in a transaction.

The property you intend to buy may already be mortgaged to the same mortgage lender as you intend to borrow from. Nevertheless, we are still required to carry out exactly the same work in relation to the property and investigation of title.

If you intend to create a second or subsequent mortgage, you MUST tell us as we are under an obligation to report this to the first lender.

Normally, unless and until we have cleared funds in our possession to cover all the costs of transaction, use of the completion monies and completion cannot proceed.

If you intend to let the property, we are obliged to report this to the mortgage lender, you will need consent.

If for any reason, the mortgage monies have to be returned to the mortgage lender, some lenders insist that this is done by Bank CHAPS payment. This will incur transmission charges of £40 plus VAT.

Every mortgage offer contains special conditions which must be satisfied before the lender will authorise the release of the mortgage monies. It is VITAL that any conditions that require YOU to do something are complied with quickly and fully.

In some cases clients ask us to obtain the advance monies before exchange of contracts in a transaction where a very quick completion is intended. In certain circumstances, we may be able to do this, but PLEASE NOTE that if we do this and the funds are not used on the date advised to your mortgage lender, then many lenders require the funds to be returned within 24 hours, and some lenders are unable to reprocess a new application for release of the funds for at least 10 working days.

Many mortgage offers require:

• approval of life insurance policies

• completed MIRAS and direct debit bank mandates

• approval of buildings insurance

• original bank statements

• current lender's references

• 3 years audited accounts (for the self-employed)

• approval of specialist reports (e.g. damp, woodworm)
  
  

BEFORE EXCHANGE OF CONTRACTS

PLEASE REMEMBER THAT MOST MORTGAGE OFFERS ARE ISSUED IN DUPLICATE AND ONE COPY SHOULD BE RETURNED TO THE LENDER SIGNED BY ALL BORROWERS. DELAY OR FAILURE TO DO THIS CAN MEAN THAT WE DO NOT RECEIVE A COPY OF YOUR MORTGAGE OFFER OR THAT THE MORTGAGE LENDER WILL NOT RELEASE THE MORTGAGE MONIES!

Conveyancing and Property Law Advice

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• Property Survey: for the buyer of a property the maxim applied is BUYER BEWARE more
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