Mortgage offers for conveyancing property purchases
When buying with a mortgage the lender will usually request Jordans Solicitors to act on their behalf as well.
The intention behind this is request is that the lender and the buyer’s interests are usually the same – to ensure the property is being bought with good title and it is worth the amount being paid for it (or what they are lending you).
By acting for both the lender and borrower/purchaser, Jordans Solicitors can save you time and money.
Jordans Solicitors is proud to be an approved solicitor for most lenders in England and Wales, including some of the more obscure mortgage companies. This means we can provide a full service to our clients.
Once your mortgage is approved, the lender will issue two mortgage offers; one to you and one to Jordans Solicitors.
Your copy often is received a few days before our copy, but we need the solicitor’s copy because it contains a few more documents. In particular, the mortgage deed and the certificate of title.
Upon receipt of the mortgage offer Jordans check through the offer document.
The information we check includes verifying the purchase price, the valuation of the property, the loan amount, the term (length of the loan), any conditions attached to the mortgage and any comments made by the valuer. We are looking at this information to see if it makes sense in respect of documents we have been sent by the seller’s solicitors and the information we have gathered from our investigations.
Sometimes the mortgage offer will come with conditions. These can be varied, but often they include the buyer paying off debt or an agreement to undergo some work at the property after completion. Normally, at the very least, it will expect the borrower to have building insurance in place. Sometimes, we may require a copy of this insurance from you prior to your move date.
It is Jordans role to ensure to ensure that we draw your attention to these conditions and to obtain confirmation from you that they will be complied with.
The Mortgage Deed is the document that is signed by the buyer and will be registered at Land Registry once the property has been bought. This document is often known as a “Legal Charge”. This Legal Charge will not be removed from the title to your property until the mortgage is fully repaid.
The Certificate of Title is the document Jordans Solicitors use to request the mortgage funds from your lender on the day you move.
Rather than provide the lender with a full report on the title, the Certificate of Title is signed by your solicitor and informs the lender that Jordans Solicitors have carried out all relevant investigations into the title and that it is good enough to secure the lending . The report on title is usually submitted to the lender after exchange of contracts, when a completion date has been agreed. The mortgage funds will then be sent Jordans in time for completion.
It is important to note that we are not financial advisors and cannot provide advice on the mortgage product you have taken out or any other mortgage products on the market. All such questions should be directed to the lender directly or to your financial advisor and/or mortgage broker.
If you have any questions about this blog, would like a quote for conveyancing services or check if we can act for your lender, please contact Keira Rawden, Head of Property and Commercial on 01924 387110 or email email@example.com