Has anyone gotten a mortgage with a transfer deed

london21

Hi All,

has anyone had auction property experience of buying a property with the seller’s name not yet on land registry but has transfer deed.

K_S

@london21 With a bridging loan - Yes. With a standard residential mortgage - No. This is from what I've seen with clients, never bought one myself.

london21

K_S said:

@london21 With a bridging loan - Yes. With a standard residential mortgage - No. This is from what I've seen with clients, never bought one myself.

Ok thanks for the response, I currently have an application with underwriters at HSBC and I also called Nationwide to enquire they have said yes with the transfer deed. The property was won at auction but the seller and their solicitor have not yet provided the transfer deed. My solicitor said once they provide and mortgage is approved he will raise with the legal team to get their approval. Will shares the outcome as been searching online not much information on this. 

K_S

london21 said:

K_S said:

@london21 With a bridging loan - Yes. With a standard residential mortgage - No. This is from what I've seen with clients, never bought one myself.

Ok thanks for the response, I currently have an application with underwriters at HSBC and I also called Nationwide to enquire they have said yes with the transfer deed. The property was won at auction but the seller and their solicitor have not yet provided the transfer deed. My solicitor said once they provide and mortgage is approved he will raise with the legal team to get their approval. Will shares the outcome as been searching online not much information on this. 

@london21 Out of professional interest, is this a traditional auction  - immediate exchange and completion within 28 days? Or is it 28+28 days?

lonibra

OP be careful with Nationwide I've heard they are very slow nowdays.

london21

K_S said:

london21 said:

K_S said:

@london21 With a bridging loan - Yes. With a standard residential mortgage - No. This is from what I've seen with clients, never bought one myself.

Ok thanks for the response, I currently have an application with underwriters at HSBC and I also called Nationwide to enquire they have said yes with the transfer deed. The property was won at auction but the seller and their solicitor have not yet provided the transfer deed. My solicitor said once they provide and mortgage is approved he will raise with the legal team to get their approval. Will shares the outcome as been searching online not much information on this. 

@london21 Out of professional interest, is this a traditional auction  - immediate exchange and completion within 28 days? Or is it 28+28 days?

It was online auction. I have been given 6 weeks to complete. Made the mortgage application online without advice as taking a long time if booking an appointment. I work in financial services myself so was quite knowledgeable on the product i wanted etc. Now in the process of getting the transfer deed from the seller's solicitor to my solicitor. I have booked survey also and searches were provided with the auction legal pack. 

london21

lonibra said:

OP be careful with Nationwide I've heard they are very slow nowdays.

Thanks for the heads up. Hopefully would go smooth with HSBC and wont have to make an application. The stamp duty holiday has made everything slower. The valuation had to wait a week usually sometimes get slots for the next day. I am chasing everything so hopefully can meet the deadline. 

K_S

london21 said:

K_S said:

london21 said:

K_S said:

@london21 With a bridging loan - Yes. With a standard residential mortgage - No. This is from what I've seen with clients, never bought one myself.

Ok thanks for the response, I currently have an application with underwriters at HSBC and I also called Nationwide to enquire they have said yes with the transfer deed. The property was won at auction but the seller and their solicitor have not yet provided the transfer deed. My solicitor said once they provide and mortgage is approved he will raise with the legal team to get their approval. Will shares the outcome as been searching online not much information on this. 

@london21 Out of professional interest, is this a traditional auction  - immediate exchange and completion within 28 days? Or is it 28+28 days?

It was online auction. I have been given 6 weeks to complete. Made the mortgage application online without advice as taking a long time if booking an appointment. I work in financial services myself so was quite knowledgeable on the product i wanted etc. Now in the process of getting the transfer deed from the seller's solicitor to my solicitor. I have booked survey also and searches were provided with the auction legal pack. 

@london21 HSBC is one of the quicker lenders out there at the moment so hopefully it'll all come through quickly. Good luck!

london21

K_S said:

london21 said:

K_S said:

london21 said:

K_S said:

@london21 With a bridging loan - Yes. With a standard residential mortgage - No. This is from what I've seen with clients, never bought one myself.

Ok thanks for the response, I currently have an application with underwriters at HSBC and I also called Nationwide to enquire they have said yes with the transfer deed. The property was won at auction but the seller and their solicitor have not yet provided the transfer deed. My solicitor said once they provide and mortgage is approved he will raise with the legal team to get their approval. Will shares the outcome as been searching online not much information on this. 

@london21 Out of professional interest, is this a traditional auction  - immediate exchange and completion within 28 days? Or is it 28+28 days?

It was online auction. I have been given 6 weeks to complete. Made the mortgage application online without advice as taking a long time if booking an appointment. I work in financial services myself so was quite knowledgeable on the product i wanted etc. Now in the process of getting the transfer deed from the seller's solicitor to my solicitor. I have booked survey also and searches were provided with the auction legal pack. 

@london21 HSBC is one of the quicker lenders out there at the moment so hopefully it'll all come through quickly. Good luck!

Thanks, just anxiously waiting as it has been refered to the manual underwriting team. I got paid a bonus in may so student loan was £1785, usual amount usually £300 so have called them to mention this as they have 1785 as monthly on my application.

lonibra

london21 said:

lonibra said:

OP be careful with Nationwide I've heard they are very slow nowdays.

Thanks for the heads up. Hopefully would go smooth with HSBC and wont have to make an application. The stamp duty holiday has made everything slower. The valuation had to wait a week usually sometimes get slots for the next day. I am chasing everything so hopefully can meet the deadline. 

OP, I just saw your other thread. What happened with HSBC, declined?

london21

lonibra said:

london21 said:

lonibra said:

OP be careful with Nationwide I've heard they are very slow nowdays.

Thanks for the heads up. Hopefully would go smooth with HSBC and wont have to make an application. The stamp duty holiday has made everything slower. The valuation had to wait a week usually sometimes get slots for the next day. I am chasing everything so hopefully can meet the deadline. 

OP, I just saw your other thread. What happened with HSBC, declined?

I am awaiting HSBC’s response. I am pressed for time and deposit at stake so looking forward plan B in case.