There are many different types of mortgages that our lawyers deal with, including Buy-to-Let-Mortgages, Re-mortgages, Commercial Mortgages, situations where Transfers of Equity are involved, as well as Equity Release.
We have an expert team of mortgage lawyers who are on hand to offer extensive legal advice, ensuring that the entire process is smooth and efficient.
How Does a Mortgage Loan Work?
A mortgage is a type of loan granted by a bank or a building society, known as the lender or mortgagee. This is usually granted for a long period, traditionally 25 years, and this period is known as the Mortgage Term. The borrower, also known as the mortgagor, offers his property as security for the loan. The borrower signs a legal document, known as a Mortgage or Legal Charge, which then secures the property to the lender for the period of the mortgage. The Legal Charge is registered at the Land Registry and appears in the Charges Register of the owner’s legal title.
How Do You Apply for a Mortgage Loan?
We can put you in contact with a mortgage broker or financial advisor who will help find the right loan for you. They will assist you with your application and you will then receive a ‘decision in principle’ on the amount you can borrow. A valuation is then carried out on the property and the mortgage lender, on sight of the property valuation and data backing up your application, then agrees to lend you the money for the property and issues a ‘mortgage offer’ to you and to us. We can then ascertain the lender’s requirements as well as carrying out other actions such as land registry checks, local authority searches and bankruptcy searches.
We are “panel members” for a number of high street lenders and this means that we have experienced knowledge of the respective lenders and a greater understanding of their requirements. Upon finalising the legal work, we can then issue you with the Legal Charge for signature. Once everything is in place we will liaise with your lender to ensure that the mortgage funds are available on the completion date.
The mortgage lender will then transfer the money to us in readiness for completion. Following completion, we will arrange to register the Legal Charge at the Land Registry.
If you are thinking about obtaining a mortgage or now have your decision in principle, then please do contact our solicitors so that we can help you through the process with our industry-leading legal advice.