I want proof of my brother's mortgage offer...

[SherbetLemon]

Hi, my brother wants to buy my half of our shared inheritance house our parents left us. I'm happy with that arrangement, BUT I gave him 18 months to secure a mortgage and he hadn't done anything towards it until I prompted him before Christmas when he said he couldn't get a mortgage and again in January when he decided to find a repay the interest mortgage.

Now he says he has a mortgage offer but we need to register the property for the lender to give him the money. This will take up to 18 more months. I don't believe he has the mortgage and I'm not happy about waiting yet again for him to tell me at the end there's no mortgage.

Can I ask him (with the safe knowledge I have a legal right to see in writing) to prove in writing that he has the mortgage secured?

Thank you again in advance of any replies. Apologies for repeating mortgage a thousand times

[des8]

What your brother is saying is essentially true.
Now a days a lender will not release the funds until the property is registered.
This will take place during the conveyancing process

[SherbetLemon]

I'm sorry I didn't make myself clear. I don't believe my brother has secured a mortgage, and certainly not for the full amount. Can I ask for proof?
I do understand that the lender most likely requires the property to be registered.
Also is the mortgage offer likely to have a sell by date, so to speak, that won't last 12-18 months from January?

[des8]

If he has the offer of a mortgage start the conveyancing process.
This will include first registration of the property, which needs to be done anyway.

Mortgage pre approvals are usually open for 2 - 3 months, a firm offer perhaps up to 6 months, but these will often be extended if a purchase is progressing

I don't see you have the right to see his offer, but doubtlessly the conveyancers will as they have to work with the mortgagee

[SherbetLemon]

This is the first registration. Which will take up to 18 months.
If we sell the property now we don't need to register it at all.

I don't want to wait for another 18 months for the place to be registered. To be told at the end of it there is no mortgage.


You say his offer will not be valid after 6 months.

Why do the conveyancers need to work with the mortgagee?

They can't go ahead with anything without my signature.