Mortgage Approved Homes
To Speed Up The Housebuying Process.
Legal & General has launched 'One Step Ahead', a pilot scheme designed to help speed up the housebuying process.
With 'One Step Ahead' estate agents and lenders will offer homes for sale with mortgages already approved. Buyers can then make offers on those properties safe in the knowledge that a mortgage will be available on the home in question enabling them to move in faster and with less stress.
The One Step Ahead scheme comes in advance of the Homes Bill which takes effect in January 2003. The Bill aims to improve the housebuying process in England and Wales by enabling sales to take place with greater certainty and with less stress and worry. Buyers choosing a mortgage from a lender participating in the scheme will receive their offer faster and be able to complete the transaction sooner.
Legal & General's scheme means that vendors and buyers will have access to a report up front which shows a property's suitability for a mortgage in terms of both value and condition. The scheme will enable sellers to price their homes more objectively and buyers to make more informed and reasonable offers - key objectives of the Government's proposed Sellers Packs.
People selling their homes through one of the estate agents participating in Legal & General's pilot scheme will have their homes inspected by a valuer who will prepare a mortgage valuation summary report which will indicate the suitability for mortgage purposes in terms of value and condition. Estate agents will then advertise properties which are suitable as such to potential purchasers.
Buyers who decide to buy a 'mortgage approved' property can choose a mortgage from one of the lenders on the panel. A further inspection will not normally be required by these lenders once an offer is accepted. The property sale can therefore go forward without delay and with the certainty that an adverse valuation report will not appear.
Buyers can still choose mortgages from lenders who are not participating in the 'One Step Ahead' scheme. These lenders may want to organise their own valuation inspection. However as these properties will have already been through Legal & General's scheme both buyer and seller can have confidence and peace of mind that the sale is unlikely to fall through due to an adverse valuation report.
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