Signing mortgage deed before survey

[WhoLurvesOrangeSoda]

Due to have full structural survey next week. Solicitor has sent me the mortgage deed to sign and return.

I'm guessing I shouldn't sign this until I have the results of the survey?

What happens if I sign it but then the survey uncovers something that may want me to renegotiate price?

Until you exchange contracts then nothing is legally binding anyway, so if something came up you can still pull out or renegotiate.

And the mortgage deed is a standard form regardless of the price you're paying.

In England and Wales it's normal to sign documents ahead of completion.

On completion they are dated and this is when they are actually entered into and become binding.

Your conveyancer should ask you to confirm you are ready to complete at the relevant time and this is when the mortgage (and the document that transfers ownership of the property to you) are dated and take effect.

You could always send the signed (undated) mortgage with a covering letter saying the conveyancer must get your express authorisation before dating the mortgage.

Nb: this is how it is done in England and Wales - if you are somewhere else then normal practice may be different.

Also, the mortgage probably secures "all monies" you owe to the lender from time to time (ie: it may not refer to the loan amount) in which case it will still work even if the amount you borrow changes.

That's great, thanks everyone. New to this and appreciate any help I can get!