IMPORTANT – the Long Service Advance of Pay scheme has now been frozen and is not open to new applications. It was replaced in April 2014 by the Forces Help To Buy Scheme [FHTB] – click here for information about how this new military home loans scheme can help you and how it affects those with an existing LSAP home loan.
Once you have received your offer of the LSAP your solicitor will be contacted to confirm the amount available. They will then ask you to sign a Promissory Note which will need to be returned by them to Centurion before the loan can be drawn down. The money can be used either as your deposit or drawn down on completion. It cannot be drawn down after completion of your purchase.As all you are required to do is sign a Promissory Note you do not need to worry that your purchase will be delayed because the first mortgagee will not consent to the creation of a second charge. The first mortgagee will need to be advised that you are receiving a LSAP so you should let your solicitor know as early in the transaction as possible that some of the money for your purchase will be coming from the LSAP.
As your solicitors, once we receive confirmation of your Long Service Advance of Pay loan, we will deal with all the formalities of asking you to sign the Promissory Note, making sure it is received by Centurion and drawing down the funds either for exchange or completion.
Contact our LSAP Lawyers today
Our specialist team understands how LSAP works.
- For free initial phone advice call Sara Fewell on  422300
- or complete the contact form below