First Phone Call
The Local Representative will explain what we do and all the options available to you.
Together with gathering information regarding your mortgage and secured loans.
Home Visit
We go over your options again and answer any questions you may have.
Your options include:
- Re-Mortgaging / getting a further advance from your existing lender(s)
- Open Market / Auction Sale.
- Payment Holiday from your lender
- Changing your loan type from repayment to interest-only.
Agree Transaction
If you decide that you want to go ahead with the transaction, the Local Rep will view your property, explain the process of how we work and offer you an approximate time to complete the matter. In most cases, the Local Rep will pay for your legal fees.
Appoint Solicitor
The Local Rep can appoint a solicitor to act on your behalf at absolutely no cost to yourself. If instead you choose to appoint your own solicitor, your legal fees will be covered up to £500.
Independent Survey instructed
The Local Rep will be taking a new mortgage into his/her name and a surveyor (usually RICS) will need to come to the property to confirm the value and what the level of market rent is.
The Local Rep will arrange a convenient time with you to visit the property with the surveyor and will arrive half an hour before the appointment to explain the procedure.
The survey itself should take no longer than 1 hour
Searches
These are general searches and checks made by the Local Reps Solicitor on the property on behalf of both the Local Rep and Mortgage Company.
The following searches will be carried out: Local authority, Environmental, Water/ Drainage, Chancel repair, Coal/Tin Mining, Brine/Common Registration, Clay.
This process will take between 5-14 days to complete – you do not have to do anything as it will be the Local Reps job to ensure that the process goes through as smoothly as possible.
Exchange
Subject to the search results coming through as positive and the Local Reps mortgage offer being in place – you will be sent a contract to sign over the deeds of the property.
This will need to be witnessed (by a third party) and returned to your Solicitor.
Completion
The property will be transferred into the Local Reps name and any proceeds of sale will be placed into your account on the same day.