Step 8: Finance Pre-Conditions
This page contains a detailed description of Step 8 of the 12-step property sale process
Prior to your bank allowing your solicitor to drawdown your mortgage funds, there are a number of conditions that must be complied with. These vary considerably from bank to bank and for each individual, therefore, it will down to each client and solicitor to deal with them as they arise.
As mentioned there are items that need your solicitor's attention prior to drawdown examples are:
Power of Attorney
Notice of Assignment
Certificate of Title
Confirmation of Mortgage
Deed of Assignment
Your bank will require that the conditions set out in your loan offer are all completed before you can draw down funds.
These conditions typically include:
Life Cover which may include attending a medical examination
Valuation of the house
Completing all relevant mortgage documentation, bank mandates, ID documents, P60’s etc.
Once these are all competed funds can be requested. Please note it can take 48 hours to 10 days to get funds when requested from a bank depending on the bank's workload.
You should ensure that some of the more practical items have been taken care of such as the direct debit mandate and home insurance and life assurance as these tend to delay drawdown.
You should go through the loan offer in detail and make sure you have complied with all the terms and conditions prior to drawdown.
Once finance pre-conditions have been complied with and mortgage funds have been drawn down both sets of solicitors will move to closing phase of the sale.
All parties to the property transaction are involved in closing the sale including; the buyer, seller, estate agent, both solicitors, the bank, and legal searching companies.