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Help To Buy Questions - Flexclusives Mortgage
libf
Posts: 1,008 Forumite
I'm looking to move to a new build house using the Help To Buy equity loan in England with a Nationwide flexclusives mortgage. On the page for downloading the property information form (PIF) is says not to apply for a mortgage until you get the authority to proceed (ATP) from Help To Buy.
However, you need to fill out solicitors details on the PIF and I was intending to use the free standard legals from Nationwide so wouldn't have this information until starting the application....
Does this mean I can't use a mortgage including legal fees for Help To Buy?
However, you need to fill out solicitors details on the PIF and I was intending to use the free standard legals from Nationwide so wouldn't have this information until starting the application....
Does this mean I can't use a mortgage including legal fees for Help To Buy?
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Comments
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No. It means you'll have to apply for the mortgage first.
FWIW the engrossment charges and HTB equity loan processing won't be included in the "free legals" and I suggest telling your builder you intend using a conveyancing warehouse before you embark on this plan as they may tell you they won't sell to you as the chances of you exchanging contracts within the 28 day target are slim and none going your chosen route.
Builders will often offer an incentive to use a solicitor familiar with their contract paperwork where the chances of meeting the target are greatly improved.
This will also enable you to submit PIF & Res to HTB Agent before applying for the mortgage so you will have your ATP before proceeding.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
From what the sales advisor told me exchange would be three months after reserving as the property won't be built until October, but I'll mention the free legals and see if that gets me a contribution to using their legal team instead. They were offering £1000 for legal on another property this past weekend...
Thanks for your reply.0 -
Builders usually require exchange of contracts within 28 days with completion "on notice" when the build is finished.
If it will be finished in October, a three month exchange would mean they aren't going to order specific materials to spec it out for you until July and that's unlikely, IMHO.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Who are you buying from, most new builds are 28 days reservation0
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