From the outset, any lender will want to know that the property you are looking to purchase is worth the money that they are lending.
When you purchase a property your conveyancer will usually represent your lender too. In practice, this means your solicitor will report to your lender and answer any questions they have about the property.
In addition to this, your lender will send a valuer to the property and will base their mortgage offer on that examination.
Towards the end of the conveyancing process, your conveyancer will forward a document to your lender that reports on whether the lease provides acceptable security for their mortgage. This document will also highlight any problems with the property, such as provisions in the lease that don’t meet the lender’s requirements.
If your lender is not satisfied with an aspect of the property, they may reject your application. Before rejecting your application, your lender will typically ask your conveyancer to give the seller an opportunity to deal with any issues.
