The Buyer's Role
What details do I need to give my solicitor?
As a buyer, the details that you need to tell your solicitor are your personal details--who you're going to buy the property with, the price, and how you're going to fund the purchase.
How do I apply for a mortgage?
The way to apply for a mortgage is, first of all, decide which lender you're going to make the application for a mortgage to. There are a lot of mortgage lenders out there, and they're all offering particular offers on their loans; you have to decide which is best for you. When you've decided that, you can approach the mortgage lender-- they're usually on the High Street--and just go in and make your mortgage application.
What does a mortgage broker do?
I've never actually applied to a mortgage broker for a loan, but I believe what they do is search the market and find a loan for you. Quite why and how mortgage brokers do that, I'm not too sure.
What information do I need to give my solicitor about my mortgage?
The information you need to give your solicitor about the mortgage is who the mortgage lender is; an address for them, if that's relevant; the amount of the mortgage loan; and any special circumstances relating to that loan. For example, is it interest free? Is it a pension mortgage? What kind of mortgage is it?
Why does my mortgage lender need to conduct a survey?
Your mortgage lender needs to conduct a survey because the mortgage lender needs to be satisfied that the property you are buying is worth what they're lending. In other words, the mortgage lender has got to conduct a survey to make sure that there is a security for their money because they don't want to lend money and then find that the house or flat is about to fall down.
What happens if I default on my loan?
What happens if you were to default on a loan is that the lender has a statutory power, the right in law, to remove you from your property, and then to sell the house or flat on the open market to recoup their loan.
