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Mortgage Timeline
Property Purchase
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 First you should contact us, Market Harborough Building Society (MHBS), to discuss your requirements, or use our online tool to find out how much you can borrow.You can then find a property you would like to purchase and make an offer through the estate agent.You should instruct your solicitor to act if your offer is accepted.You can now discuss your mortgage product options with MHBS and apply online or ask for a paper application form. MHBS will then send you a Key Facts Illustration (KFI), identifying the terms of the mortgage required. Your solicitor contacts the seller's solicitor requesting title deeds to the property and initiates contract negotiations.MHBS will find a surveyor and ask that they carry out a valuation on the property. A building survey or homebuyer's report can also be carried out on the property for you if required.MHBS assesses the mortgage valuation and hopefully agrees to lend you the money!MHBS sends you and your solicitor a mortgage offer with a KFI. You send your survey report through to your solicitor, if applicable.Your solicitor reads the survey and gives you comments.
Your solicitor then carries out a local authority search and finds out if any alterations have been made. This is the time to negotiate on fixtures and fittings.
Your solicitor finalises the contract details with the seller's solicitor and confirms the mortgage details with MHBS.
 You pay an agreed deposit, normally around 10% of the property value to your solicitor, which is held until the exchange of contract date.Your solicitor exchanges contracts with the seller's solicitor and sends over the deposit. A date for completion is agreed.Your solicitor prepares the transfer deed, which is signed by you and the seller and lodged with the seller's solicitor until the completion date.
MHBS then transfers the money to your solicitor's account in time for completion and you pay your solicitor a further deposit, if applicable.
Your solicitor then transfers the money to the seller's solicitor on the completion date in return for the transfer deed, Land Registry certificate and keys. The sale is completed.Your solicitor then arranges for the transfer deed to be stamped, pays the stamp duty and sends the transfer deed to the Land Registry to record you as owner.Your solicitor passes the title deeds to your mortgage lender as security for the loan and sends you a statement detailing how all the money has been used, including their bill! |
MHBS
YOU
SOLICITOR
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