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Good morning all,
I have received my rtb offer and also a mortgage offer from Nationwide.
Its taken almost 2yrs to complete - yes the council TOOK their time and acted so... I filed a notice of delay about 9 times just to get things moving..
Finally - we are now about to complete and I got this letter this morning from the solicitors.
Dear ***
Your purchase of ***
I am pleased to report that I have now received mortgage instructions from Nationwide Building Society for an advance to you in the gross sum of ***.
The offer is subject to a number of conditions, and I should like to draw your attention to the following:
The credit card debt with lloyds with an approximate bal of £800 must be repaid on or before completion of this mortgage.
You will be granting a legal charge over the property in favour of your lender. this means that you are responsible for ensuring that the instalments payments are regularly made when due and that the other conditions of the mortgages are observed. The main points are:
1 - Failure to pay an instalment will entitle your lender to call for immediate repayment of the whole loan and also obtain an order of possession and sale of the property. If sale proceeds are less than the amount due to the lender, then lender has the right to sue you for the balance.
2 - You must keep the property in good repair. if you wish alter the property or change its use, you must first obtain the Lender's consent.
3 - The property must always be insured with an insurer agreed by the Lender.
4 - You must not let any party of the property without the lender's prior consent.
5 - You must not obtain a 2nd or subsequent mortgage without the lender's prior consent.
I enclose the mortgage deed etc.
****************
Here are my questions please
1 - does this mean if i missed one payment for any reason i loose my property without any formal / informal process?
5 - does that mean i can't purchase another property in the future obtaining a 2nd mortgage from another bank if i wish??
Thanks in advance!!
I have received my rtb offer and also a mortgage offer from Nationwide.
Its taken almost 2yrs to complete - yes the council TOOK their time and acted so... I filed a notice of delay about 9 times just to get things moving..
Finally - we are now about to complete and I got this letter this morning from the solicitors.
Dear ***
Your purchase of ***
I am pleased to report that I have now received mortgage instructions from Nationwide Building Society for an advance to you in the gross sum of ***.
The offer is subject to a number of conditions, and I should like to draw your attention to the following:
The credit card debt with lloyds with an approximate bal of £800 must be repaid on or before completion of this mortgage.
You will be granting a legal charge over the property in favour of your lender. this means that you are responsible for ensuring that the instalments payments are regularly made when due and that the other conditions of the mortgages are observed. The main points are:
1 - Failure to pay an instalment will entitle your lender to call for immediate repayment of the whole loan and also obtain an order of possession and sale of the property. If sale proceeds are less than the amount due to the lender, then lender has the right to sue you for the balance.
2 - You must keep the property in good repair. if you wish alter the property or change its use, you must first obtain the Lender's consent.
3 - The property must always be insured with an insurer agreed by the Lender.
4 - You must not let any party of the property without the lender's prior consent.
5 - You must not obtain a 2nd or subsequent mortgage without the lender's prior consent.
I enclose the mortgage deed etc.
****************
Here are my questions please
1 - does this mean if i missed one payment for any reason i loose my property without any formal / informal process?
5 - does that mean i can't purchase another property in the future obtaining a 2nd mortgage from another bank if i wish??
Thanks in advance!!
