Banks

4 Replies
newlodge

1255463017

Message

Hello all,My Brother and family are buying a place in Bolnuevo. The deposit is paid and contracts signed, but they are hearing nothing from the bank (they are taking over an existing mortgage and paying a lump sum off it). His query is"Would anybody be able to answer the following questions:Would it be common for the bank to carry out the property survey (they have done so) if they weren't going to make us a mortgage offer?Or is it a good sign that they have done the survey and might thismean that all our financil paperwork and so on, was satisfactory?"Regards to all.Pat

Replies

fabtastic-465808 1255476677

If you are taking over a mortgage with the original lender & paying off a lump sum thus reducing the bank's liability why is there any need for a survey apart from making money out of you. Next they will fix you up with life insurance even if you have sufficient to cover the loan. Hope its not Cajamar as I could write a book about my experiences with them!

Also you have paid a deposit without a mortgage offer so if you cant get finance under the Spanish system you will lose your deposit. Hope you have chosen an independent solicitor and not one the bank recommended. Sorry to be negative but I'm speaking from 7 years experience.







Shepherd-463678 1255648398

Contact your Bank and ask them to confirm that all is well. The survey would be a part of the decision making process so you cannot be certain that things are ok.


But remember they also have not been in touch to refuse the mortgage and as you are paying a lump sum I am sure things will be fine.


Buying at this time of year can be slow as a lot of the accountants and lawyers disappear off on holiday for August and most of September!




mac33 1255705747

Hi,


Shepherd is right legal things really slow down (stop!) throughout August and September but get on to the Bank ASAP.




dicdandoo-463925 1255714777

Make sure that whoever is doing you legal paperwork checks that there is no outstanding debt on the house/mortgage as you will be liable, as new owners for any unpaid IBI, utility bills, mortgage arrears etc. Often banks will make it a policy that you take out life assurance with them otherwise they won´t grant you a mortgage. I would get in touch with the Bank and chase things up.




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