final stages of mortgage process before close

[aquaceri]

hi there,

My solicitor has put in the request for my mortgage cheque today, I am just wondering what is the next step? do i have to see my sol to get keys or do i get them from estate agent?

Do the bank do another credit check before they issue cheque? what warrants them to refuse you the cheque? my overdraft is 240.00euro at the moment, does this matter? I am very worried about it as I have never had to use my overdraft until now due to moving costs.


I am probably just panicking now that things wont work out but any info would be very welcome thanks a million

 

[mf1]

1. The deal is not done until the deal is done.
2. Once bank have the request for funds, you should keep in touch with the Bank and your solicitor to work out when funds will be available. If there are issues, they will surface in the next few days.
3. You cannot complete without funds - obvious I know but lots of people fail to make the connection with the mortgage funds being there and actually paying for the house with real money!
4. Once the funds are released to solicitor, your solicitor can agree a completion date with your vendor's solicitor. On that date, money passes over in exchange for the keys, the Title Deeds ann vacant possession. Once the deal is done, your solicitor will have a set of keys that you can collect when you go in to sign your Deed. The vendor's solicitor can also notify the Auctioneer that the funds have been paid and you can then collect them from the Auct.

mf

 

[so-crates]

congratulations aquaceri. From my own addmittedly limited experience. Talk to the estate agent about the keys, they will either have the keys or will direct you to the vendor. I wouldn't fret too much about the overdraft. It is more a cash management tool than anything else. You will probably find over the next few months that you end up using your overdraft a few times as you adjust to your new outgoings, it is perfectly normal. Just be sensible and view it as a short term situation until you are settled in.

 

[aquaceri]

thanks guys,

I am going to clear my od tomorrow and another couple of small things that i am afraid will get in the way, when i initially applied for mortgage i had to clear a 3k credit card which i did straight away, i thought the account was then closed but i got a statement the other day to say that it has no rissen again by 114 euro i dont even have the credit card, so that combined with the od are making me very nervous of drawing down on the loan.

thanks for the advice and the congratulations !

 

[aquaceri]

Well guys i had an interesting day yesterday!

I had all my cash ready to pay off those few small debts that were hanging over my head.

I cleared my overdraft and lodged some extra to my account so that i could come back to the office and call my credit card company (not sure if i can mention names) and pay them the 150/200 they claimed i owed them.
(i had cleared the balance on card in Jan and was told they couldnt close the account until april as there was a goverment levy due to go on, i called back in may and they told me that with late fees and interest the 40 e levy had infact now become almost 200e)
I was about to call to hand over the money when a girl from work said that they cannot do that and to call them and refuse to pay anything over the government levy, so i did. I was told by a girl that she was going to refund the total amount and close the account for me but first she wanted to explain how it ended up that amount! at this stage i didnt want to know how i just wanted to know had a report been sent to the icb and low and behold it had!

I explained to her that i am drawing down on my mortgage next week and if they see this bad credit report again they wont give me the mortgage, she said "dont worry i will sort it all out at this end and we will send a report in at the end of the month to icb to say it was an error"

I then asked for a fax or email to say this so that i could give it to my bank and she said no she couldnt that she would have to post me a letter and this would take five days!

Is this going to affect me drawing down? My nerves are shot! I have worked to hard as a single mum with two jobs to get this house for it all to blow up in my face over an error my cc company made!