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Help to buy and new mortgage
Mayur169
Posts: 4 Newbie
Hi,
Got a situation, i will try to explain:
I am currently on a mortgage with my father.
I recently purchased a new property and have applied for it under the help to buy scheme. There is a provision that by the completion date, i will have come off my existing house title deeds, which will then qualify me for the help to buy.
The situation now is that it seems that solicitor is being very slow and he has yet to send the TR1 form to my bank. The bank are then suppose to stamp and send it back to solicitor who will then update the title deeds.
Where does this leave me with regards to my mortgage offer and eligibility for help to buy? I suppose the situation would be very similar if i was selling the house and buying a new build under help to buy?
Is it the case that once bank have stamped the TR1 and sent it back to solicitor, its done and i have nothing to worry about? I am getting tensed because i have paid the deposit on the house and completion is 26th April.
Thank You
Got a situation, i will try to explain:
I am currently on a mortgage with my father.
I recently purchased a new property and have applied for it under the help to buy scheme. There is a provision that by the completion date, i will have come off my existing house title deeds, which will then qualify me for the help to buy.
The situation now is that it seems that solicitor is being very slow and he has yet to send the TR1 form to my bank. The bank are then suppose to stamp and send it back to solicitor who will then update the title deeds.
Where does this leave me with regards to my mortgage offer and eligibility for help to buy? I suppose the situation would be very similar if i was selling the house and buying a new build under help to buy?
Is it the case that once bank have stamped the TR1 and sent it back to solicitor, its done and i have nothing to worry about? I am getting tensed because i have paid the deposit on the house and completion is 26th April.
Thank You
0
Comments
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Has the mortgage provider actually said that they are happy for you to be removed? This isn't a given at all.0
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Hi
yes the mortgage provider have said that they are happy for me to come off as long as my dad can afford the mortgage on his own. A new mortgage application was completed to check my dad's affordability and all that has been approved. My dad's has even signed the new mortgage offer and sent it back.
Thank You0 -
Hi
Yes he has been offered the sole mortgage and he has accepted that and signed it back to the bank. Its actually with satander and they have a change of borrower application that you can initiate. As part of this process, they did a affordability check on my father for the remaining amount and offered the mortgage, which has been accepted by the bank.
Thank You0 -
Has anyone been involved in moving home from old to new and used the HTB scheme? I believe my scenario would be similar?0
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