To enable us to prepare a submission on your behalf, we require completion, signature and return of an application form. It is important that all questions are answered - in the event of any difficulty in completion of the form, you should not hesitate to contact us. The application form provides for fees payable to the broker only when a letter of offer is obtained that is entirely acceptable to you. You will not therefore be entering into any form of financial commitment at this stage by completing and returning the form.
The agreed fee quoted is due and payable when the advance is drawn down at completion of the purchase. The agreed reduced fee only applies when, having obtained an offer that is entirely acceptable to you, you subsequently do not proceed to completion. In such circumstances, we feel that we have fulfilled our contractual obligation to you and look to you in effect for half the fee applicable if you had drawn down the loan.
In effect the signing of this form does not place you under any obligation whatsoever to either borrow money or pay fees, until you have received and accepted an offer of a loan.
We would draw your attention particularly to the question of status i.e. how exemplary is your payment record in the past and have you avoided County Court Judgements, bankruptcy, etc. Adverse status really refers to a situation where you have been adjudged bankrupt or County Court Judgements have been registered against you. In the case of the former, quite frankly very little can be done; but as far as the latter is concerned, much will depend upon when the judgement was entered, the amount involved, the number of judgements registered, the circumstances surrounding each one, and whether or not such judgements have been satisfied.
The essential point at the outset is to be totally and absolutely honest so that we can plead in mitigation on your behalf. Several judgements or one substantial judgement for a less than acceptable reason can often be sufficient to preclude a loan being agreed. There are, as ever, circumstances that can at least explain why the judgements arose e.g. as a result of a dispute during divorce proceedings, etc. It must be emphasized that all judgements must be satisfied for the advance to be considered. Do please ensure that you answer the status question very clearly 'yes' or 'no' and provide details of any adverse status on a separate sheet.
You are welcome to use our services in whatever way you choose and you should not be put off by form filling. Please telephone for advice if this helps, but even completing the form as far as possible will often be sufficient - as we can then come back to you by telephone if points need clarification. However, do not forget to sign the form as this is the basis for our agreement with you and unsigned forms cannot be processed.