Podcast
Questions and Answers
Which of the following is a necessary step for a legal mortgage to be created?
Which of the following is a necessary step for a legal mortgage to be created?
What is the main purpose of a Certificate of Title (CoT) in the context of a mortgage?
What is the main purpose of a Certificate of Title (CoT) in the context of a mortgage?
When does a mortgage against the property become legally binding and perfected against third parties?
When does a mortgage against the property become legally binding and perfected against third parties?
What is the purpose of performing a priority search before completion?
What is the purpose of performing a priority search before completion?
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If the buyer is a company, what is the timeframe for registering the mortgage at Companies House after completion?
If the buyer is a company, what is the timeframe for registering the mortgage at Companies House after completion?
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Which mortgage type involves a lender, solicitor, and life insurance or pension policy?
Which mortgage type involves a lender, solicitor, and life insurance or pension policy?
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Which of the following is NOT considered an anti-fraud provision outlined in the UK Finance Mortgage Lender's Handbook?
Which of the following is NOT considered an anti-fraud provision outlined in the UK Finance Mortgage Lender's Handbook?
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In the context of the UK Finance Mortgage Lender's Handbook, what is meant by "Standardized Instructions and Variations"?
In the context of the UK Finance Mortgage Lender's Handbook, what is meant by "Standardized Instructions and Variations"?
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What role does the buyer's solicitor play when representing the lender in a mortgage transaction?
What role does the buyer's solicitor play when representing the lender in a mortgage transaction?
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Which of the following statements accurately describes the purpose of a Sharia-Compliant Mortgage?
Which of the following statements accurately describes the purpose of a Sharia-Compliant Mortgage?
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Study Notes
Mortgage Completion
- A mortgage must be created by deed
- The buyer's solicitor submits a Certificate of Title (CoT) to the lender, confirming the property's quality.
- The CoT acts as a request for the release of the mortgage advance.
- A mortgage can't be completed until the property is registered with the Land Registry.
- A search with priority may be performed to prevent any new charges from being registered impacting the buyer's or the mortgagee's rights.
- If the land is registered, an OS1 (search against the whole of the property, priority) or OS2 (search against part of the property) search at the Land Registry will be performed.
- A 30-working day period is required to complete registration of the mortgage after the initial registration of the land.
- If the mortgage completion triggers first registration of land, the buyer's solicitor has 2 months to complete registration.
- If the buyer is a company, the mortgage must be registered within 21 days of completion.
Exchange of Contracts
- Once the buyer and seller are happy with the results of pre-contract searches and enquiries, they exchange contracts.
- The exchange of contracts is the point in the conveyancing transaction when the matter becomes legally binding on the seller and buyer (they can no longer back out).
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Description
This quiz covers the essential steps involved in completing a mortgage, including the importance of the Certificate of Title, registration with the Land Registry, and timelines for completion. It highlights critical legal requirements and procedures that must be followed by both buyers and lenders to ensure a secure mortgage transaction.
