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Conditions attached to a property mortgage offer

conditions-attached-to-a-property-mortgage-offerThe buyer’s solicitor should make sure that the buyer is aware of and understands the terms and conditions mentioned in the mortgage offer. He should also make sure that his client is in a position to comply with them.

Conditions may either be general or special. Instances of general conditions include conditions that the property must not be let out to a tenant without consent from the lender etc. Special conditions include conditions where the buyer agrees to carry out repairs to the property, etc.

The conveyancing solicitor should also check if the lender requires a formal acceptance of offer. And if it is required, the client must be advised to do so, within the stipulated period. Without formal acceptance of the offer, it is not possible to avail the mortgage funds.

The conveyancing solicitor should also check if the mortgage offer is not legally binding on the lender or includes conditions that allow the lender to withdraw the offer after the formal acceptance of offer. For instance, a commitment letter containing a provision to allow banks to withdraw the offer to lend if any material adverse change in market or borrower takes place. This should be informed to the client, because he would be required to buy the property, even if the finance is not obtained.

Photo courtesy: viennapartment_english

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