While the purchasers’ solicitors are waiting for draft contracts and the other documents relating to the title of the property for sale, the purchasers will normally be making their final arrangements with their lender.
Once the mortgage company has made a decision that it is happy to lend, it will send out a formal mortgage offer. Lenders will usually send to the purchasers’ solicitor a copy of the offer as well because they will want them to be aware of any special conditions on the offer and to make them know to the purchasers.
Mortgage companies will usually want a purchaser’s solicitors to act on their behalf as well as for the purchaser. This means that the solicitors have a duty to follow both the lender’s and purchaser’s instructions and to make sure that the property does offer good security for the loan. Solicitors acting for the lender as well as the purchaser follow strict guidelines published by the
Council of Mortgage Lenders.
In most circumstances, buyers will have their mortgage arrangements in hand before they instruct their solicitor. However, if you do need assistance with arranging your mortgage we can put you in touch with specialised mortgage brokers who will be able to help you.