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Has anyone gotten a mortgage with a transfer deed
Comments
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Fingers crossed 🤞
You should check this with your solicitor though. The HSBC conveyancing handbook says this, hope this is outdated or something -
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lonibra said:Fingers crossed 🤞
You should check this with your solicitor though. The HSBC conveyancing handbook says this, hope this is outdated or something -0 -
Won't it be too late by then if the solicitor waits for a mortgage offer, checks and it can't proceed? Your solicitor should be able to look up the HSBC solicitor handbook and check now so you can get plan B in place.
I don't know what banks sorry, I just rely on my MB. I have only once bought a property (BTL) on auction and used a bridge mortgage and later remortgaged to normal one. Anything else was too risky because I only had 4 weeks (I think) to complete or I lose 20k. I think I needed something around 30% deposit.0 -
lonibra said:Won't it be too late by then if the solicitor waits for a mortgage offer, checks and it can't proceed? Your solicitor should be able to look up the HSBC solicitor handbook and check now so you can get plan B in place.
I don't know what banks sorry, I just rely on my MB. I have only once bought a property (BTL) on auction and used a bridge mortgage and later remortgaged to normal one. Anything else was too risky because I only had 4 weeks (I think) to complete or I lose 20k. I think I needed something around 30% deposit.0 -
From what I remember it took about 2-3 weeks from the auction to completion. But my MB had everything ready to go before I started bidding.
After completion, some banks will not remortgage within 6 months of purchase but my MB found a cheap one that does and I think I did it after I had a tenant installed so about 2 months.1 -
Going through all the lender's criteria and it appears Virign lend on such but will need to call them tomorow as i do not know how much the seller purchased the property for.
Sub-sales and Back to Back TransactionshideA Back to Back transaction takes place when a customer purchases/exchanges on a property then attempts to take out a mortgage based on an enhanced market value within six months of the original purchase/exchange. Virgin Money Policy in these cases is to lend against the lower of either the original purchase price or valuation.
A sub-sale takes place when a customer is purchasing a new build property from a third party (not the builder) and is paying a premium price but the third party is purchasing from the builder at a lower price or in a Stamp Duty Land Tax (SDLT) / Land and Buildings Transaction Tax (LBTT) mitigation scheme. Our policy for sub-sales is to lend on the lower of the purchase price or property valuation in the original transaction until a minimum of six months from completion and as such, the third party must be noted at the Land Registry as the registered owner for a sub-sale to proceed.
A Back to Back purchase occurs where a customer is purchasing from a third party who has purchased the property within the last 6 months at a discounted/lower price. We will only lend on the lower of the purchase price or property valuation in the original transaction unless significant improvement has been carried out to the property.
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user1977 said:london21 said:
"Our policy for sub-sales is to lend on the lower of the purchase price or property valuation in the original transaction"
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OP, Virgin's conveyancing handbook lists a few exceptions for sub-sales, do any of them apply to your purchase?
Also it lists a helpline for solicitors. You could save a wasted application by getting him to call and confirm that it's ok with Virgin before you apply. Otherwise you have the risk of finding out a few weeks into the process.
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lonibra said:Also it lists a helpline for solicitors. You could save a wasted application by getting him to call and confirm that it's ok with Virgin before you apply. Otherwise you have the risk of finding out a few weeks into the process.0
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