The Conditional Deed Of Sale With Assumption Of Mortgage is utilized in England and Wales when a property buyer wishes to assume the seller's existing mortgage rather than obtaining new financing. This arrangement can be advantageous when the existing mortgage terms are favorable or when traditional financing might be challenging to obtain. The document sets out conditions that must be met before completion, including lender approval, and contains detailed provisions regarding both the property transfer and the mortgage assumption. It's particularly relevant in cases where maintaining the existing mortgage arrangement provides financial benefits to all parties.
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1. Parties: Details of seller, buyer, and current mortgage lender
2. Background: Context of the sale and existing mortgage arrangement
3. Definitions: Key terms used throughout the document
4. Property Description: Detailed description of the property being sold
5. Purchase Price: Amount and payment terms
6. Mortgage Assumption Terms: Details of the mortgage being assumed
7. Conditions Precedent: Conditions that must be met before completion
8. Completion Arrangements: Process and requirements for completion
9. Representations and Warranties: Standard property and mortgage-related warranties
1. Property Insurance: Additional insurance requirements beyond standard coverage
2. Environmental Matters: Environmental conditions, warranties, and compliance requirements
3. Planning Permissions: Details of existing planning permissions and restrictions
4. Service Charges: Details of service charges for leasehold properties
1. Property Schedule: Detailed property description including title numbers and plans
2. Existing Mortgage Details: Full details of the mortgage being assumed including terms and conditions
3. Title Documents: Copies of relevant title documents and registers
4. Property Search Results: Results of property searches and local authority enquiries
5. Lender's Consent: Written consent from existing lender for mortgage assumption
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