Mortgages Advice - Legal
Your Solicitor or Conveyancer will make a charge for sole, purchase and remortgage of a property. Please refer to your Solicitor for further details.
Disbursements will also becomes payable to cover the cost of Stamp Duty and various searches the Solicitor or Conveyancer must complete.
Joint Applicants
Legal advice is required as to whether the mortgage should be written on a joint tenancy or tenancy in common basis, please refer to your Solicitor.
Joint and Several Liability
Where two or more borrowers take out a mortgage, it is important to realise that all parties are under joint and several obligations to adhere to the mortgage covenants when they commit to the loan.
For example, if two people take out a joint mortgage and one person refuses to contribute to the payments (due to separation, divorce, etc.), the remaining person is liable to pay the whole of the mortgage payment and vice versa.
The lender deems that each party to the loan is ‘jointly and severally' liable to make the required payments.
Property Value Movements
Property values and prices fluctuate according to market conditions and hence the value of your property may go down as well as up. In future, this could mean that your mortgage loan exceeds the property's current market value, i.e. you could be in a ‘negative equity' situation.
Disclosure of Personal Details
Your lender may undertake credit references upon receipt of your mortgage application. They may also supply information to Credit Reference Agencies regarding the way that your mortgage account is managed.
Data Protection Act
We will treat all your personal information as private and confidential (even when you are no longer a customer) except where disclosure is made at your request or with your consent in relation to arranging your mortgage. We keep records of all business transactions for at least 6 years. You have a right of access under the Data Protection Act 1998 to your personal records whether held manually or electronically.
The information you provide may be disclosed to third parties (e.g. credit reference agencies and product providers) for the purpose of processing your application or to another firm upon the sale of all or part of the business.