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Mortgage conveyancing

 

Most people do not have the initial capital required to buy a property outright. Therefore, it is common for property buyers to put down a deposit from their own funds and obtain a mortgage for the remainder of the purchase price. A mortgage is simply a loan guaranteed by a bank or other lender. Mortgages are usually granted for 20 – 25 years and during that time the property to be purchased is offered as security for the loan. To enforce this, the borrower will sign a legal document, known as a Legal Charge, which will secure the property for the lender. The Legal Charge is registered at the Land Registry and appears in the Charges Register of the owner’s legal title and this work is usually carried out by the solicitor acting for the buyer and the lender. Mortgages can be obtained for commercial properties, residential properties and shared ownership. This is known as mortgage conveyancing.

Alternatively, a period of time after a mortgage conveyance has occurred, the proprietors may wish to change their lender. This is known as conveyancing re-mortgage. Often borrowers can benefit financially if they change to another lender who can offer better rates and deals that their current provider. However, this may involve additional fees such as employing a chartered surveyor to value the property, solicitor’s legal fees and other fees to the new lender to cover their administrative and legal costs. Before re-mortgaging you should make sure you check your current lender’s policy regarding penalties for loans repaid early.

Mortgage conveyancing and re-mortgage conveyancing are not too different to a normal conveyance, with just some additional work carried out by the solicitor. If you are having a mortgage conveyance your solicitor is likely to act for you as well as your lender.

If you would like to obtain legal advice on mortgage conveyancing then Contact Law can put you in touch with a local specialist conveyancing solicitor free of charge. So, if you have any questions or would like our help in finding local conveyancing solicitors please call us on 0808 129 5758 or complete the web-form above.

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