If you are buying a property with a mortgage or remortgaging your home, you will need a solicitor who can represent both you and your mortgage lender. Your lender will need legal work carried out on their behalf to check the property is a sound investment.
By choosing a solicitor who can represent both you and your lender, you avoid any additional costs that would be incurred if your lender had to instruct their own legal representative.
At Lockings Solicitors, we act for all major lenders in a full range of property transactions, including purchases, sales, transfers and re-mortgages.
We have a high level of expertise in property transactions and we know how important it can be to ensure there are no avoidable delays. If problems should arise in your transaction, we have the experience to resolve issues promptly and efficiently so that you can complete as soon as possible.
Our mortgage services include:
We offer a FREE initial chat so that you can ask us any questions you may have. please ring us on 01482 300 200, email us at firstname.lastname@example.org or complete a Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and deal with conveyancing in East Yorkshire and beyond.
If you are buying a property with a mortgage, your mortgage lender will send the mortgage offer to your solicitor. If you ask us to represent you, we will start the due diligence work that they require as soon as we receive the contract papers from the seller’s solicitor.
We will check the legal title to the property and raise enquiries with the seller’s solicitor if there is more information that we need to know. We will also apply for searches, to include a local search a drainage search and an environmental search.
Your lender will have certain lending criteria that must be met and we will check whether the property meets these.
Once all of the necessary information is available, you can sign the contract and mortgage deed and we will be ready to discuss completion dates. We will liaise with your seller’s solicitor to agree on a date and once everyone is ready to proceed, we will exchange contracts. This is the point at which the completion date is set. You will generally be required to pay a deposit of 10% on exchange, although if you are tying in a sale we will usually be able to use the deposit from your sale.
After exchange, we will order your mortgage advance in readiness for completion. Following completion, we will register your ownership of the property as well as the mortgage with HM Land Registry.
The process of remortgaging a property will require us to carry out similar work, checking the legal title and requesting searches. Once we have all of the results and a copy of your mortgage offer, we will arrange for you to sign the mortgage deed and discuss the completion date that you would like.
We will obtain a redemption figure from your lender and let you know how much, if anything, is needed from you to complete. We will order the new mortgage advance and on the day that it is received we will arrange for repayment of the old mortgage.
Your former lender will confirm that your mortgage has been discharged and we will arrange for their charge to be removed from the Land Register and ask HM Land Registry to register your new mortgage in its place.
If you are selling a property, we will obtain your title deeds and ask your lender to provide a redemption statement. We will usually need to obtain a fresh redemption statement once a completion date has been agreed upon and we will let you know the figures so that you can see how much you will be receiving on the sale.
If you are tying in a purchase, we will also provide a completion statement for that so that you have all of the figures you need. Even if you will be staying with the same mortgage company, your old mortgage will be redeemed and you will take out a new mortgage over the property that you will be buying.
On the day of completion of your sale, we will send funds to your lender to redeem the mortgage. Once they have confirmed that this has been done, your buyer’s solicitor will ask the Land Registry to remove the charge from the Land Register at the same time as they register their client’s purchase.
If you are thinking of buying a property, you can start shopping around for the right mortgage straightaway. Mortgage lenders will provide mortgage offers in principle before you have found somewhere to purchase. This means that the lengthy process of applying can mostly be dealt with in advance which will speed up the issuing of the full offer in due course.
Once you have had an offer accepted, you can notify the lender of the property and they will be able to issue the mortgage offer to your solicitors.
If you instruct solicitors early on when you decide to sell, buy or remortgage, they will be able to carry out some of the preliminary work at once. If you ask us to deal with your transaction, we will verify your identity, as required by law, and let you have the initial forms to be completed.
If you are selling a property, this will include property information and fixtures and fittings forms. This gives you the opportunity to take your time filling these in with the range of details that are requested.
We will also be able to obtain your title deeds so that we can issue the contract package as soon as you accept an offer. By carrying out as much preliminary work as possible, your buyer’s solicitor will be able to start work without delay, to include requesting searches.
If you are taking out a mortgage and you would like to discuss this, please feel free to contact us and we will be happy to answer your questions.
Please feel free to ring us for a FREE initial chat on 01482 300 200, email us at email@example.com or complete a Free Online Enquiry and we will call you back promptly.We have offices in Beverley, Hull and York and deal with conveyancing in East Yorkshire, the York area and beyond.
If you are a customer of Lockings Solicitors and we have contracted with you online you may be entitled to use the EU Online Dispute Resolution (ODR) Platform to assist in resolving any dispute with us. This service can be found at https://ec.europa.eu/odr.
Our email address is firstname.lastname@example.org
Lockings Solicitors is a trading name of Lockings Legal Services Limited registered in England and Wales company registration number 09244568. Lockings Legal Services Limited is authorised and regulated by the Solicitors Regulation Authority (Main Office SRA ID number 626081). A list of our directors is available for inspection at all our offices. Use the following link https://www.sra.org.uk/solicitors/standards-regulations/
for online access to the current professional rules applicable to solicitors. All calls are recorded for training and quality purposes.
VAT Number: 282 2447 58