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our online Mortgage Guide - Page 12 of 14:
Whether you're a first time buyer, or an old hand at buying and selling property, the legal aspect of the mortgage procedure always seems to be surrounded in mystery.
Actually there's no need for it to be, at the end of the day, your solicitor is there to ensure that the property you are buying is free from any encumbrances and that you get good title to your home.
So, here we'll take a look at the legal work involved in a mortgage, but don't worry - it's not quite as ominous as it sounds, as it's the duty of your solicitor to look after this aspect of your mortgage.
Basically, the solicitor's role in the house buying process will include the following steps:
Perhaps it is a little bit of a mystery actually! So, you may find it useful to check out the following pages from within our Mortgage Glossary which may well help to clarify various aspects of the work your Solicitor will be involved with on your behalf regarding your mortgage:
That wraps up our look at the legal work involved in a mortgage, hopefully we managed to provide you with some valuable insight as to the Solicitor's role in the mortgage process.
Next up, we'll take a look at Mortgage Protection Insurance...
NEXT: Mortgage Protection Insurance ›
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.