Nationwide Mortgage Approval

lalali

Hi ,
I applied for a Mortgage with 15per cent deposite.
And I have couple of questions about the approval and title deed.

living rental place and need to give 6 weeks notice time,
1-mortgage approval to exchange how long does it take ? (surveyor will be there on monday)
2-about title deeds normally how long it takes? and what is different exchange and title deeds? shall we have chance to move after exchange to contracts?
*is that title deeds cost me a lot?
Thank you very much indeed

kingstreet

The title deeds are your proof of ownership of the property. You get them once completion has taken place. Normally now, this is done electronically with the Land Registry being updated.

Once your mortgage offer has been issued, further progress and timescales are dependent on your solicitor and how quickly the other side turn around the draft contract and your solicitor handles searches and pre-contract enquiries.

This is the process;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

lalali

kingstreet wrote: »

The title deeds are your proof of ownership of the property. You get them once completion has taken place. Normally now, this is done electronically with the Land Registry being updated.

Once your mortgage offer has been issued, further progress and timescales are dependent on your solicitor and how quickly the other side turn around the draft contract and your solicitor handles searches and pre-contract enquiries.
.

Thank you ,
that mean all under my solicitors hand!

Thrugelmir

Don't give notice on your rental property until contracts are exchanged. As the last thing you want to happen is end up being homeless.

lalali

Thrugelmir wrote: »

Don't give notice on your rental property until contracts are exchanged. As the last thing you want to happen is end up being homeless.

you right,
nationwide is normally very fast respond or not? any idea?
thank you