Whether you are buying, selling, remortgaging or changing the parties to a mortgage deed, Favourites Finance Ltd has an extensive panel of solicitors that we have had a positive practical experience working with. We can recommend a solicitor to you.
Lenders require a standard valuation to be made of the property when considering a mortgage application. This is primarily for the lenders benefit to establish that the property is mortgageable.
You might want to make further investigations into the value and condition of the property via either
A Homebuyers Report: This provides you with information about the general condition of the property
Full Structural Survey: If the property is more than 10 years old, or there are any aspects of the condition of the building that you would like investigating, a full structural survey will give you the information prior to making a final commitment.
The above reports will incur additional fees.
Due to the fact that property prices vary according to market conditions the value of your property may go down. In the future this could mean that your mortgage loan exceeds the property’s then market value. This situation is known as Negative Equity.