The second stage of the mortgage process

After you have finalised the details of the mortgage amount with the lender, there then follows the legal process to make the property your own. By this stage, you should have contacted someone like Conveyancing Cheltenham based company www.montpellier.legal/. Conveyancers are required to ensure the smooth transition of the property change over. This is what is involved in the second stage of the mortgage process.

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The lender will have agreed to the lending of the money, but you are still someway from getting the mortgage offer. The first thing that needs to happen is the survey of the property. This is paid for and chosen by you. Depending on the age of the property, the survey can be three levels of scrutiny. If this comes back with no issues, then all are free to proceed. However, the conveyor will need to communicate any problems with the place, such as dampness or the presence of Japanese knotweed.

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There are many other roles that the conveyor plays, and they need to draw up the contracts of sale. They need to check that there aren’t any obstructive covenants or issues with leaseholds. If all of these factors are covered, then the final stage can be completed. This is the transfer of the money, from the lender you’ve agreed the mortgage with to the seller’s conveyor. This can be a private individual or to a builder if it’s a new build property

 

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