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  • FIRST POST
    • Kcaj94
    • By Kcaj94 14th Mar 18, 12:40 PM
    • 13Posts
    • 0Thanks
    Kcaj94
    Authority to proceed letter
    • #1
    • 14th Mar 18, 12:40 PM
    Authority to proceed letter 14th Mar 18 at 12:40 PM
    Hello all,

    I wonder if anyone can help.

    I am looking into applying for a Shared Ownership Resale as a first time buyer.

    A number of my friends and various mortgage brokers have talked about an 'Authority to Proceed Letter'.

    Can anyone tell me what this is and how it will help me? As I currently have no idea.

    Thank you!
Page 1
    • kingstreet
    • By kingstreet 14th Mar 18, 2:24 PM
    • 33,347 Posts
    • 18,041 Thanks
    kingstreet
    • #2
    • 14th Mar 18, 2:24 PM
    • #2
    • 14th Mar 18, 2:24 PM
    ATP applies only to HTB Equity Loan.

    You'll have a Memorandum Of Sale from the HA on a Shared Ownership resale.
    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.
    • Kcaj94
    • By Kcaj94 14th Mar 18, 3:13 PM
    • 13 Posts
    • 0 Thanks
    Kcaj94
    • #3
    • 14th Mar 18, 3:13 PM
    • #3
    • 14th Mar 18, 3:13 PM
    Thank you Kingstreet.

    Will a memorandum of sale be issued after my mortgage has been approved?

    Or can a memorandum of sale help push through a mortgage application?
    • kingstreet
    • By kingstreet 14th Mar 18, 3:16 PM
    • 33,347 Posts
    • 18,041 Thanks
    kingstreet
    • #4
    • 14th Mar 18, 3:16 PM
    • #4
    • 14th Mar 18, 3:16 PM
    The Memorandum Of Sale sets out the details of the vendor, purchaser, both solicitors and the fine detail of the price, percentage being purchased, ground rent, shared ownership rent, service charge and probably the residual lease term.

    You need it to be able to apply for a mortgage as it contains much of the information needed.
    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.
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