RESIDENTIAL Services

Mortgages and

Re-Mortgages

Selling a Property with an Existing Mortgage

If you are selling a property that has an existing mortgage or mortgages, we will also act for each lender and deal with the paying-off of each mortgage on completion.

We will liaise directly with each lender to obtain redemption statements and check the redemption figures with you. If you do not agree the figures, including the amount of any early redemption charges payable, you will need to speak directly with the relevant lender to resolve any issues before completion can take place. We can only use the redemption figure as supplied to us by each lender.

We must check that there are sufficient monies from the sale of the property to pay off all mortgages.

On completion, we will telegraphically transfer the relevant amounts to pay off each mortgage.

Following completion, we will submit the necessary documentation to the Land Registry to evidence the discharge of the mortgage(s) or, alternatively, the lender(s) will deal directly with the Land Registry to discharge the mortgage(s) directly.

Buying a Property with a New Mortgage 

If you are taking out a new mortgage, we will also act for your new lender.

We will need to check the title and carry out the full ambit of conveyancing searches so we can confirm to the lender that the property provides adequate security for the loan. If we discover any defects in title, we have a duty to bring them to the lender’s attention and seek their further instructions.

It is important to note that whilst we have a duty of confidentiality to you, we also have a duty to act in the best interests of the lender. Therefore, if a conflict or a potential conflict of interest arises, we may have to cease acting for you.

We will report to you on the implications and consequences of taking the new mortgage.

Following completion, we will apply to the Land Registry to register the new mortgage.

Re-Mortgaging

Switching to a new lender and  moving onto a new mortgage deal while staying in the same property is called remortgaging.

Taking out a new mortgage product with a new lender will usually involve us going through all same “due diligence” checks and carrying out the full ambit of conveyancing searches as would be carried out if you were buying the property. This is because your new lender will want to be assured that they have proper security for the loan.

The redemption of any existing mortgage(s) will involve the aspects outlined in 1 above.

The work involved in dealing with the new mortgage will be the same as outlined in 2 above.

Whatever the situation, we will provide you with a service that is tailored to your individual needs.

Private Mortgages

If you are contemplating entering into a private arrangement (e.g., with a relative or friend) and not involving a financial institution, then do please contact us so we can discuss with you what extra information we may need to receive from you.

Please note, that with private mortgages we cannot act for both the lender and the borrower. Each party will need to instruct separate firms of solicitors.   

Please call us on 01263 800089 or 07940 585939 or email enquiries@ccclaw.co.uk if you would like us to assist you with your mortgage.



DISCLAIMER: The information and opinions expressed in this article does not address individual requirements and is for informational purposes only. It does not constitute any form of legal advice and should not be relied on or treated as a substitute for specific advice relevant to your particular circumstances.