Sign Contract
Sign Land Contract, subject to finance, usually 14 or 21 days to obtain formal approval. Settlement will usually be 30 or 45 days from date of signing.
Pre-Approval
A commitment from your chosen lender to lend the required funds, subject usually just to valuation.
Valuation
A copy of your contract is sent to your lender/broker to arrange for a valuation to be completed.
Valuations Ordered
Newbridge Financial will arrange for a copy of your contract to be sent to your bank, so that a valuation can be ordered on your new home.
Formal Approval
Once your solicitor receives confirmation of formal approval, they will inform the vendor' solicitor. Your contract now unconditional.
Formal Approval Issued
Newbridge Financial will liaise with your lender to ensure all conditions of your finance approval have ben satisfied. A copy of your formal approval will be sent to your solicitor.
Settlement Booking
Your lender will liaise with your bank and the vendor's solicitor to book in settlement on the nominated date.
Mortgage Documents
Your lender will send out mortgage documents once you have received formal approval. You may need a JP to verify your signature.
Settlement
The settlement is attended by your solicitor along with your lender and the vendor’s solicitor. You are not required to attend. Once confirmed, the property is officially yours.
Repayments Begin
Once settlement is completed, it is important to confirm when your repayments will start. With most lenders, it is a month after settlement.