STEP 8
finance
pre-conditions
This page contains a detailed description of Step 8 of the 12-step property sale process
WHAT
does
this
step
mean?
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
-
Solicitors Undertaking
-
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
-
House Insurance
-
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.
why
is
this
step
important?
WHAT
do
i
do
next?
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.
WHAT
is
the
next
step?
Who is
involved
in the
nExt
step?
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.
