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Who will live in the house and how much is the loan?! Solicitor and IFA questions
AndyAtu
Posts: 65 Forumite
I got my mortgage offer a couple of days ago and today I have also received the letter from our solicitors advising they have had a copy of the offer.
It was agreed with the IFA when I first applied that I would pay the mortgage application fee, rather than have it included in the loan. The offer letter I got doesn't specifically say anything about this, just says how much I am getting as a loan.
Solicitor letter on the other hand says the mortgage fee is included in the fee. This is not necessarily an issue for me, at the end of the day it's £1000 whether I pay the fee or put it towards the deposit, it just changes WHEN I have to pay it. But obviously the proof of deposit I've already submitted shows without that £1000 therefore I'm really worried now it will confuse things with the lender and I've read some really scary stories about lenders changing their minds down the line.
Solicitor letter also asks me to tell them of anyone over the age of 17 who will live in the property. I've already told solicitor and IFA who else will be living with me but I'm worried about this because I can't seem to find anyone else on the Internet to say they've been asked who they will be living with?!
Has anyone else hard these sort of questions from solicitor upon receipt of mortgage offer?
And on top of everything else, whilst I have the mortgage offer, NOTHING has been done regarding the actual sale. Since the memorandum of sale was sent out nothing's happened, no searches have been done, nothing. I'm terrified.
It was agreed with the IFA when I first applied that I would pay the mortgage application fee, rather than have it included in the loan. The offer letter I got doesn't specifically say anything about this, just says how much I am getting as a loan.
Solicitor letter on the other hand says the mortgage fee is included in the fee. This is not necessarily an issue for me, at the end of the day it's £1000 whether I pay the fee or put it towards the deposit, it just changes WHEN I have to pay it. But obviously the proof of deposit I've already submitted shows without that £1000 therefore I'm really worried now it will confuse things with the lender and I've read some really scary stories about lenders changing their minds down the line.
Solicitor letter also asks me to tell them of anyone over the age of 17 who will live in the property. I've already told solicitor and IFA who else will be living with me but I'm worried about this because I can't seem to find anyone else on the Internet to say they've been asked who they will be living with?!
Has anyone else hard these sort of questions from solicitor upon receipt of mortgage offer?
And on top of everything else, whilst I have the mortgage offer, NOTHING has been done regarding the actual sale. Since the memorandum of sale was sent out nothing's happened, no searches have been done, nothing. I'm terrified.
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Comments
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http://moneyfacts.co.uk/guides/mortgages/mortgage-terminology--glossary-and-jargon-buster131211/
"Deed of Consent
When you mortgage or remortgage a property, anyone who lives in your home other than you (over the age of 17) could claim squatter's rights if the mortgage lender has to repossess the property. To protect against this, mortgage lenders will ask for all people over the age of 17, such as your children, to sign a Deed of Consent to say that they will not be able to claim squatter's rights in the event of repossession."0 -
Some lenders (Skipton for example) insist that anybody who signs the DOC must receive independent legal advice.0
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So, what happens if the homeowner has a child under the age of 17 who lives in the house with them then ?.
Do they have to sign a DOC when they reach 17, or will they simpley be in a position to claim S/R ?.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0 -
Children 17 and over are required to sign a consent to mortgage form if they are resident in the property on completion day.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
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Were they entered on the application as resident in the property? If they were, a consent should have been triggered automatically.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
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Hi Kingstreet,
No, they weren't, it is sole mortgage application as the IFA advised we wouldn't stand a chance together.
But I've made it very clear to both IFA and solicitor that we will continue to live together from the very first day, I.e. Discussed and applied for decision in principle.0
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