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Buying without a mortgage?

Planning to buy property outright, without a mortgage. So, is any additional legal or other documentation required in lieu of proof that the lender will give me money (normally required to buy with a mortgage)?

Asked on Oct 1 2013, Home Finance in London | Report content

Answers (1)

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  • You need to prove your identity current address and the source of the money for money laundering checks. I do not suggest that you try and buy without a solicitor as it is still complex. For your own protection, your solicitor will determine; If there are planning , environmental, mining issues, building control, guarantees and warrants on roof,windows,central heating etc. S/he will also determine whether there are restrictive covenants that are onerous or prevent the property from being mortgageable.(you may be a cash buyer but you may need to sell to someone with a mortgage). The vendors solicitor also undertakes to repay the outstanding mortgage from your purchase funds. If he doesn't, the lender will still have first charge over your property. The great thing about employing a solicitor is that if something goes wrong, you have got the possibility of redress! Best of luck with your purchase. Repossessions usually offer a real bargain.

    Answered on Oct 8 2013, Report content

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