Mortgages

At Buss Murton we can assist you with legal advice in respect of obtaining a mortgage.  There are a number of different types of mortgages that we deal with including Buy to Let Mortgages, Re-mortgages, Commercial Mortgages and dealing with Mortgages where Transfers of Equity are involved.  We have a team of people here who are able to advise on all these Mortgages and ensure that the process for getting a mortgage in place is smooth and efficient.

A Mortgage is a type of loan granted by a bank or a building society, known as the Lender or Mortgagee. The mortgage is usually granted for a long period, traditionally 25 years, and this period is known as the Mortgage Term. The Borrower, also known as the Mortgagor, offers his property as security for the loan. The Borrower signs a legal document, known as a Mortgage or Legal Charge, which then secures the property to the Lender for the period of the Mortgage. The Legal Charge is registered at the Land Registry and appears in the Charges Register of the owner’s legal title.

We can put you in contact with a mortgage broker or financial advisor who will help you choose the right mortgage. They will help you with your application and you will then receive a ‘decision in principle’ on the amount you can borrow. A valuation is then carried out on the property and the mortgage lender, on sight of the property valuation and data backing up your application, then agrees to lend you the money for the property and issues a ‘mortgage offer’ to you and to us.
We can then ascertain the lenders requirements as well as carrying out many other actions such as land registry checks, local authority searches and bankruptcy searches.  We are “panel members” for a number of High Street Lenders and this means that we have experienced knowledge of the respective Lenders and a greater understanding of their requirements.  Upon finalising the legal work we can then issue you with the Legal Charge for signature. Once everything is in place we will liaise with your lender to ensure that the mortgage funds are available on the completion date.

The mortgage lender will then transfer the money to us in readiness for completion. Following completion we will arrange to register the Legal Charge at the Land Registry and once this has been completed we will then pass the Legal Charge back to your mortgage lender as security for their loan.

If you are thinking about obtaining a Mortgage or now have your decision in principle, then please do contact us so that we can help you through the process.

For further information please contact:

  • Melanie Wells
    • 01892 502378
    • mwells@bussmurton.co.uk
  • Helen Salt
    • 01892 502376
    • hsalt@bussmurton.co.uk