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The secret to avoiding delays once your customer receives their offer documents

Manvir

Manvir - Telephony

Published 29.08.2018

On the rare occasion I get a call from a broker asking why there’s a delay in completion, it’s usually because their customer hasn’t returned an offer document to us.

When we make an offer, we’ll post an Acceptance of Offer document out for personal ownership buy to let and residential applications with a copy for the customer to keep, as well as a copy that they need to sign and sent back to us before we can complete their application. I’ve been working on the Telephony team for more than two years now and, in my experience, the majority of completion delays are caused when we don’t receive this signed copy of the document back from the customer.

It’s a similar story for limited company buy to let applications, except instead of an Acceptance of Offer document we need the person who is providing a personal guarantee to complete and sign a Nominated Legal Advisor Form. As with personal ownership buy to let and residential applications, we can’t complete until we receive a signed copy of the appropriate documentation.

All limited company personal guarantors must obtain independent legal advice from a solicitor. The solicitor who has provided the advice will then send us a signed Legal Advice Confirmation letter, along with a Deed of Guarantee and Indemnity from the solicitor acting on our behalf. Again, failure to receive signed copies of either of these documents will delay completion.

If you need to ask us a question, give me or one of my Telephony team colleagues a call on 0800 116 4385.

 

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