Loan Documentation For Mortgage

[jubi]

We are in the process of selling land. Deposit paid in July. Delays due to buyer gettting the time to sort out loan. We have now received letter from their solicitor stating thay have now received loan documentation and are now waiting on somebody dealing with aplication to return from annual leave and to bear with them. Does this mean loan is approved just waiting on final signoff or loan not approved yet. Please advice.

 

[command]

You need to confirm with the solicitor whether he has received the loan offer document. If it is the loan offer then the procedure is that the purchaser needs to sign it, once it is returned the solicitor should be in a position to request the cheque.

Otherise you need to find out what they have actually received.

 

[PM1234]

While it depends on what your solicitor means by 'loan documentation' (which will need to be clarified with your solicitor) if your solicitor has received a loan pack your letter of offer should be in it. Possibly the solicitor wants to clarify a condition of the offer and he is waiting for the underwriter to come back from annual leave for clarification of the condition.

The usual procedure is usually that two offers go out together ie one to your solicitor and one to you. If you went through a broker you should contact them to follow up on your loan offer and if you went directly through the lender you should give them a call to advise you haven't received your pack to date.