Instructing a Solicitor for Your Residential Mortgage

Whether you are mortgaging your home for the first time, or dealing with a remortgage, there are various legal steps involved.  Those steps can be complicated. Whether you are switching lenders or staying with your current one, having the right legal advisor to deal with the mortgage is essential – they will ensure all legal aspects involved are correctly dealt with.  We specialise in mortgaging property for individuals and banks alike and have a great deal of experience in handling such matters, both quickly and in a cost-effective manner.

So what do we do?!  Here is a short list of some of the common tasks involved: -

Redemption Statements

From the start, we will obtain a formal redemption statement from your existing bank / lender. This document will outline the remaining balance due on your mortgage, together with any interest, and importantly, any early redemption penalties –calculated to a proposed completion date.  It is unfortunate to note that many redemption penalties come as a surprise to many homeowners.  We help ensure such costs are identified from the outset, helping you budget and plan accordingly. 

Reviewing your Property's Registered Title

When acting on behalf of a bank, we are required to conduct a thorough review of your property’s registered title.  If any defects in title are identified, these are addressed with you and if necessary, reported to your bank for approval.  We will also ensure other items mentioned on your title, such as restrictions and notices, are considered / actioned.

Attending to the Banks requirements (and other third parties)

Every bank has its own rules and requirements that must be satisfied before they agree to release their advance to you.  Eccles Heddon will carefully work through those requirements, one at a time, and look to ensure that everything is in order.  If your property is leasehold, we may need to communicate with your landlord or their managing agent too. 

Identification Checks

We will verify your identity (a basic lending requirement) and carry out necessary checks to comply with anti-money laundering regulations.

Property Searches or where possible, Search Insurance

Eccles Heddon will commission the necessary property searches your bank requires, such as local authority searches, environmental searches, and water and drainage checks. These searches are designed to identify any issues with the property that could affect its value / marketability. In some instances, banks do accept insurance policies in lieu of formal searches – which can result in a saving for the home owner.

Enquiries with the home owner

Eccles Heddon will also raise matter specific enquiries with you (again, a common lender’s requirement). This could including asking if any building works have been carried out on the property, and if so, we will check that the proper planning and building regulation certificates are in place, protecting the lender’s interest.

Registration of any Legal Charge at the Land Registry

Once all documents are signed and the mortgage is complete, we will attend to all the necessary registration requirements at the Land Registry. This ensures that the new mortgage is properly recorded on your registered title, and any historic mortgage removed.

Guiding you through the Process

Perhaps most importantly, we will be on hand to guide you through the process.

Conclusion

Instructing the correct firm of solicitors to deal with your mortgage is essential.  We have a great deal of experience attending to such matters and have a team of individuals who are here to assist you.  We will deal with the legal jargon leaving you with clear peace of mind.