The Report on Title document to a property explained, plus available Mortgage help!
So, the Report on Title document, what exactly is it, and just what does examination of title mean when it comes to a property and mortgage funding?
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Well, on this page we take a look at the official Report on Title document produced by Conveyancing Solicitors as part of the Mortgage process, and provide details of further Mortgage help available!
Table of Contents:
What is the Report on Title document?
So, what exactly is the Report on Title document then? Well, before releasing mortgage funds, a mortgage lender will require the Conveyancing Solicitor to undertake an examination of a property's Title and to subsequently report on his findings in a Report on Title document.
Examination of Title
The Solicitor must confirm that he has examined the title to the property, and that the purchaser will acquire good and marketable title to the property, which will constitute good security for mortgage purposes.
What purpose does the Report on Title serve?
The Report on Title is the official document that all lenders will require before releasing mortgage funds and will confirm to the lender that the solicitor has, amongst other things:
- examined the Title to the property and verifies that the purchaser will have good and marketable title to the property
- verified the property represents good security for mortgage purposes
- complied with all the Conditions contained within the Mortgage Offer
- arranged for the lender's mortgage to take first charge over the property in favour of the lender
- complied with all the lender's instructions
- verified the property's description contained in the Mortgage Offer and Valuation is correct, and that the terms of any lease, area, boundaries, rights, encumbrances and restrictions are also correct.
- given independent legal advice to all occupants who are party to a Deed of Consent
The Report on Title document will also confirm that there are no other matters that will affect the property or the security created by the mortgage.
The Report on Title will provide various Solicitor's undertakings to the lender that all mortgage documents have been properly signed and executed, and has discharged all existing mortgages on the property, and any other debts prescribed by the lender. The solicitor also undertakes to hold the Title Deeds to the property as soon as the post completion matters have been undertaken.
Finally, the Report on Title will request that mortgage funds be transferred to the solicitor so as to enable him to complete the transaction.
I don't have a Solicitor to act for me. Can Shire Direct recommend a Solicitor?
Yes, of course!
We can introduce you to a firm of Solicitors, who are geared specifically for mortgage conveyancing. We have arrangements with them to provide fixed-rate legal costs and competitive rates for sale and/or purchase, as well as an "all in" fee for remortgage transactions.
So, if you are thinking of applying for a mortgage or remortgage, and would like further information on the conveyancing and legal processes, please call us, and speak with one of our qualified Mortgage Advisors.
We have an extensive portfolio of lenders and mortgage products, and we pride ourselves in providing our customers with a personal service. You'll find us to be friendly yet professional, helpful and approachable. Our lines are open until 10.00pm daily - including weekends, so call us now on Freephone 08000 282 281, or enquire online at any time, you'll be glad you did!
Hopefully that has given you some insight into the Report on Title document and answered any initial questions you may have had with regards to examination of title to a property. Don't forget our site contains a mass of mortgage and remortgage related information, so why not take a few minutes out to examine some of the options that may be available to you, and remember we're here to help, and would love to hear from you if you think we can be of assistance.
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.
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