Procedures and Fees

Procedures and fees - Typical steps in completing a mortgage
The process of arranging a mortgage is often lengthy and can be complicated. The following list gives an idea of the typical steps that are likely to be involved in completing a mortgage from the borrower's point of view.

1. Borrower decides on the price range of the property he wishes to purchase.
2. If a mortgage is needed, borrower finds a lender prepared in general terms to advance the money.
3. Borrower finds a property.
4. Choose a solicitor to handle the purchase and give instructions.
5. Inform the lender who will arrange a valuation, and take any references.
6. Await confirmation of loan from lender by formal offer.
7. Arrange any assurances and await acceptance.
8. Solicitor investigates title and carries out searches.
9. Solicitor arranges exchange of contracts.
10. Solicitor prepares mortgage deed and arranges conveyance.
11. Solicitor arranges completion.