Unencumbered defined and explained, plus our Mortgage help available!
'Unencumbered' is related to the word Encumbrances. To understand the meaning of unencumbered, it's probably a good idea to understand what an encumbrance is.
"Excellent, helpful service throughout."
Miss P., Skellingthorpe, Lincolnshire
An encumbrance is a quirky little word which is used to describe some kind of burden or hindrance on a property i.e. a lien, mortgage or other financial claim. Encumbrances usually affect the transferability of a property.
You may be interested to know that we created a separate article for your further reading specifically relating to encumbrances on a property, which discusses encumbrances in more depth than we'll go into just here.
Anyhow, we're almost heading 'off-topic', back to the word in question 'unencumbered'! As we mentioned, it's probably useful that you understand what encumbrances are to understand the meaning of unencumbered.
So, what does unencumbered mean exactly? Well, a property that is unencumbered is one that is free from encumbrances, that is to say there are no other financial claims on the property by any other party.
It is the role of the Solicitor during the conveyancing process to ensure that the property is unencumbered. Solicitors do this by making appropriate searches at the Land Registry where any liens or charges on a property will be revealed.
So that wraps up our look at the word unencumbered, we hope it made sense, don't forget to take a look at our article on 'Property Encumbrances' if you require further information.
In the meantime, if you require a Mortgage or Remortgage, and think Shire Direct could be of assistance, then why not get in contact us. We have professionally qualified mortgage advisors available from 8.00am until 10.00pm daily (including Saturdays and Sundays). Our number is Freephone 08000 282 281. Alternatively, you can also enquire online at any time, it's fast and it's simple, and we'd love to help you!
Additionally, you'll find a wealth of further useful information available throughout our website, so why not pop the kettle on and put a few minutes aside to explore the possibilities and options that could be open to you, and remember that we're only ever a free telephone call or couple of mouse clicks away, and would be delighted to help in any way we can.
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.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
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.