Securities and Re-mortgages
1. Loan – Acting for Borrower
We can create a Security over your property to secure a loan. This can be done whether you are borrowing money from a Bank or other lending institution, a relative or other private individual.
We will revise the documents on your behalf to make sure that the Charge created over your property is in accordance with the agreement that you have reached with the lender and is only enforceable in the circumstances that you have agreed with the lender.
We will deal with all the lender’s solicitors’ title observations. We will arrange to have all relevant Searches brought down. If necessary we will get a Property Enquiry Report for the lender’s solicitors.
We will then arrange for execution of the documents including any Matrimonial Homes documents.
Thereafter we will arrange settlement of the loan, delivery of the deeds to the lender and will account to you for the loan funds.
2. Loan – Acting for Lender
If you are lending money to a relative or third party, we will arrange the proper form of loan documents between you and the third party. This will include where necessary the preparation of a Loan Agreement, the creation of a Standard Security or Personal Bond in your favour.
We will examine the title to the property over which any Security is to be taken to make sure that the borrower has a good title to the property that is being offered in Security.
We will prepare all the necessary Security documents, arrange for Searches and Local Authority Reports to be examined.
We will thereafter arrange for the execution of the Security document and its recording in the Sasine or Land Register.
After the loan has been repaid we will arrange for the Discharge of the Security if necessary.
3. Remortgages
Where you are refinancing your house loan and are arranging a remortgage with another lender we will: -
- Obtain the titles from your existing lender.
- Obtain a note of the balance needed to redeem the existing loan and advise you of this balance.
- Prepare the Discharge of the current Security and arrange for the execution of this Discharge by your lender.
- Arrange for the retrocession of any policy previously assigned to the lender.
- Record the Discharge of the Security in the Sasine or Land Register.
- Intimate the retrocession of the insurance policy to you.
- Prepare the Standard Security in favour of the new lender and if necessary the Assignation of any insurance policies.
- Arrange for all Searches to be brought down and if necessary get Local Authority Property Enquiry Reports.
- Prepare any necessary Matrimonial Homes documents.
- Arrange for the execution of the Standard Security and any Assignation.
- Arrange to drawdown the loan funds from the new lender.
- Repay the existing loan to your current lender.
- After the funds have been drawndown we will record the Standard Security in the Land or Sasine Register.
- We will indicate whether any insurance policy has been assigned to the loan.
- After the deeds have been recorded we will send the title deeds to the new lender to be held by them in Security of the advance.
