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Mortgage instructions/mortgage offer?
KL0001
Posts: 92 Forumite
Our buyers said they had received their mortgage offer a month ago, but we’ve just had an email forwarded via our solicitor from theirs saying their solicitor is still waiting for “mortgage instructions before they can proceed”.
Is there a difference between mortgage offer and mortgage instructions? Any idea on time line?
Is there a difference between mortgage offer and mortgage instructions? Any idea on time line?
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Comments
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Not normally any real difference, the instructions are the instructions from the lender to the solicitor to act on their behalf, which are invariably issued at the same time as the offer. After a month I suspect either they didn't really have a mortgage offer or they're getting a new one.0
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Yes, it could be that it was a decision in principle or something like that and not a formal offer,
OR
Buyer has a formal mortgage offer from lender and it mentions the name of another solicitor acting on lender's behalf - that could be reason why buyer's solicitor has not received instructions. Either the buyer's solicitor isn't on lender's panel or there's been an admin slip up and lender put wrong solicitor's name on offer.
Buyer's solicitor should know if he is on the lender's panel and if not he should have warned the buyer that extra costs would be involved in paying for the lender's own separate solicitor.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
... or the solicitor has asked the lender half a dozen questions it wants answered in writing before proceeding with the purchase.
Here fishy fishy. Come on you solicitors, let's see you bite... 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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