Mortgage Lawyers & Mortgage Legal Advice

Navigating the intricate process of securing a property or legal obligation with a mortgage can be quite challenging.

Our experienced Mortgage Solicitors will assist you in drafting and registering mortgages and fixed charges over properties, ensuring that all the legal requirements are meticulously followed.

At Mounteney Solicitors, we understand the complexities involved and have assembled a team of expert mortgage solicitors to guide you through the process.

Whether you are securing a loan or any other legal obligation, our Mortgage Solicitors offer comprehensive services tailored to meet your specific needs.

It’s important to note that this service does not involve negotiation terms, investigating property titles or obtaining third party consents.

With our Mortgage Lawyers expertise, you can be confident that your mortgage and property matters are in capable hands.

What is a Mortgage?

A mortgage is a financial arrangement in which a loan is obtained to facilitate the purchase of a property, with the property itself serving as security for the loan. Legally, a mortgage represents the claim held over the property to guarantee the repayment of the loan or any associated obligations.

The loan amount plus interest is usually repaid over a long period, being around 15-30 years, through monthly mortgage payments. There are different types of mortgages, including fixed-rate (interest rate stays the same) and adjustable-rate (interest rate can change) mortgages.

Mortgage lenders often require a down payment of 10-20% of the home’s value upfront. If you miss mortgage payments, the lender can foreclose on the property and force its sale to recover the outstanding loan amount.

You would typically need a lawyer to help draft and register the mortgage with HM Land Registry and the Companies House, if you require legal assistance in this matter then our Mortgage Solicitors are readily available to help.

What are the Different Types of Mortgages?

Mortgages serve various purposes and come in different forms. Understanding these types can help individuals make informed decisions when choosing the right mortgage for their specific needs.

Residential

These are secured loans used to purchase residential properties, such as homes and condominiums. They are designed for individuals or families looking to own their primary residence.

Commercial

These loans are secured on properties that are used for business purposes, such as office buildings, retail spaces, and warehouses. They are tailored for entrepreneurs and business owners looking to invest in real estate for commercial activities.

Fixed-Rate

This type of mortgage offers a fixed interest rate for a specified period, providing borrowers with predictable monthly payments and protection against interest rate fluctuations.

Variable-Rate

With this type of mortgage, the interest rates can change over time based on market conditions. Borrowers should be aware of the potential for fluctuating monthly payments associated with variable-rate mortgages.

Interest-Only

These loans require borrowers to pay only the interest during the mortgage term, with the principal amount repaid at the end of the term. They can be suitable for individuals with irregular income or those anticipating a large sum of money in the future.

Buy-to-Let

Specifically designed for purchasing properties with the intention of renting them out, these mortgages cater to real estate investors who aim to generate rental income from their properties.

How can our Mortgage Solicitors Help?

Our team of Mortgage Solicitors is highly experienced in delivering a comprehensive service to ensure the legality of your mortgage or charge. We understand the critical nature of this process and approach it with utmost care and expertise.

When it comes to drafting the charge over your property to secure the legal obligation associated with your mortgage or fixed charge, we meticulously ensure precision and compliance with all legal requirements.

Additionally, our Mortgage Solicitors handle the registration process of the charge at HM Land Registry. In cases where the property is owned by a company, we also manage the registration at Companies House, ensuring full compliance with legal obligations.

While we do not partake in negotiating terms or title investigations, our primary focus is on the accurate drafting and submission of all legal documentation to provide you with the peace of mind and legal security you deserve.

If you need to talk to one of our Mortgage Solicitors, don’t hesitate to contact Mounteney Solicitors today.

Rest assured that your mortgage and property affairs are being expertly handled with our proven expertise.

The production of the mortgage is a job that we can undertake in about an hour once we can schedule it in our workflow, that can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week.

A completed mortgage may then need to be submitted to HM Land Registry for registration. The time HM Land Registry takes to process such a registration varies greatly, depending on how busy they are. Some applications are processed very quickly, up to “next day”; however, most applications appear to languish awaiting HM Land Registry attention; in 2021 many applications were talking about 6 months to be registered – and some types of application can take even longer than that, unfortunately. However, once submitted HM Land Registry processes applications on any title in order of submission – so their delay ought not to affect the priority of your application relative to other matters on that title.

How Much will it Cost

Mortgage without a Loan

Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim

We charge £325 + VAT = £390 plus HMLR and Companies House fee

Mortgage with a Loan

We charge £550 + VAT = £660

Third party costs that may arise are registration fees at HMLR (if we are registering the charge – these are approximately £30).

Please note that where the borrower is a company (i.e., they are giving a legal charge over company property) we charge a supplement as we will have to inform the company’s house of the same. The additional fee is £100 + VAT = £120. In these instances there is a Companies House fee too.

This product does not involve us handling the funds, if we are required to do so we have to complete AML checks on the monies, which we charge a supplement of £100 + VAT = £120

Usually the lender and borrower should both be represented. Due to conflict of interests, we cannot represent both sides. In some instances, to save costs, one party may be able to proceed without representation. If so, we will have to write a letter to them with a ‘waiver of advice’ form, as well as ensure their ID has been checked, which we charge a supplement of £75 + VAT = £90

There is more about our fees on our website here

If you have any questions, require any further information, or would like to engage us (that will be on the T’s & C’s that are linked, “Our Terms”, in the footer, below) please don’t hesitate to Contact Us.

At Mounteney Solicitors, we take pride in our team of experienced Mortgage Solicitors who are dedicated to offering expert guidance and support throughout the legal process. Whether you’re an individual or a business entity, our solicitors in Stockport guarantee the legality and proper registration of your mortgage or fixed charge.

We have offices located in Bramhall, Cheadle and Heald Green. We regularly serve clients throughout the Stockport and Manchester area including Altrincham, Hazel Grove, Poynton, Wilmslow and Sale, enabling us to provide clients with a customised and community-based service.

With our 18 years of extensive experience, you can rely on our residential property solicitors to provide trustworthy and cost-effective services.

If you require any mortgage legal advice or need further details, please feel free to reach out to us.