- Send estimate to you.
- When instructed, open file, review identification provided by you.
- Pay in initial funds on account of searches.
- Obtain Land Registry copy entries of the title with copies of any documents referred to.
- Review the title, to ensure that you are legally entitled to re-mortgage the property; and to ensure that there are no onerous covenants or rights affecting use and enjoyment of the property; and to ensure that all necessary rights are in place to allow use of the property for all normal residential purposes.
- Check that all obligations noted on the title have been complied with.
- Check from your instructions whether works have been done to the property which would require planning and/or building regulations consent. Obtain copies from you where held, apply for copies from the local authority, or if no consent was requested, obtain a quote for indemnity insurance.
- Carry out full searches where required by the lender (local authority, environmental, and drainage searches, with others that are relevant locally, e.g. mining search), otherwise obtain a quote for search indemnity insurance. Where full searches are required, analyse the results to ensure, amongst other things, that all necessary consents are in place; that the road is publicly maintained with no liability to the client; that there are no orders in place which would create further liabilities.
- Review the mortgage offer and ensure compliance with any special conditions imposed by the Lender.
- Report to the Lender any issues which have been uncovered and confirming how we intend to deal with these.
- Report to you in full in writing on the terms of the mortgage offer, enclosing the Mortgage Deed for signing.
- Write to any occupiers with the occupier’s consent for signing.
- Obtain a redemption statement from any existing lender.
- Forward a completion statement to you to show all payments made and received and providing any balance required in order to complete.
- On receipt of the signed mortgage deed, occupier’s consent, and cleared funds, agree a completion date with you.
- Carry out final pre-completion searches with the Land Registry to ensure that there have been no further amendments to the legal title, and to ensure that the lender has priority to register the new mortgage.
- Report to the lender to request the release of the mortgage advance.
- Complete the transaction and date the mortgage deed; redeem any existing mortgage; ensure that any indemnity policies are in place from the date of completion.
- Register the transaction with the Land Registry with any evidence of discharge of any previous charge, ensuring that the new mortgage and any other pertinent matters are correctly recorded.
- Forward to you and the Lender a copy of the updated Registers of Title.
Despite our efforts to ensure that our role is clear, clients sometimes make incorrect assumptions about what we are and are not going to do for them. To help avoid any such misunderstanding, we bring to your attention the fact that that we are not providing you with any advice on any of the following:
- Financial advice including the effect if any of the lifetime mortgage on welfare benefits or alternatives to the Lifetime Mortgage.
- Taxation advice.
- The effect of the Lifetime Mortgage on your Estate following your death including tax and Inheritance issues and probate advice.
When necessary, we will, in consultation with you obtain such additional advice as is required from appropriately qualified third parties.
It is important for you to appreciate that the information provided above is based on a number of assumptions, including:
- That the property is registered with the Land Registry.
- That our investigations do not reveal any legal issues which must be resolved prior to exchange of contracts.
- That you are buying the property for your own occupation.
- That there are no other unusual problems or complications.
If any of these key assumptions are incorrect or change over time, we will need to provide you with a revised scope of work, revised timetable and revised fee estimate.
“Disbursements” is a rather old-fashioned word to describe all the fees and taxes we have to pay other organisations on your behalf as part of the house-buying process.
We have tried to include all the major items of expenditure that we anticipate you will incur during the transaction in our e-quote estimate.
Sometimes however matters can arise which mean that extra costs are incurred.
Period up to completion – usually 4-6 weeks
Post completion formalities – usually 2-3 weeks but dependent upon the Land Registry
- Estimated time frames run from when we receive your instructions to proceed.
- These time frames are our best estimates only as there are many aspects of this matter over which we have little or no control.
Once we fully understand your needs, we will assign your case to the most appropriate member of our team. All work done by the team is ultimately supervised by the Team Leader or one of the other partners in the team. The lawyers in our team are supported by paralegals and other assistants to ensure that your case is handled efficiently and cost-effectively.