Finance / mortgages Flashcards
What should the Seller’s Solicitor (SS) obtain before completion?
The redemption figure up to the date of completion.
What must the SS do regarding the seller’s lender on completion?
Advise the seller’s lender of the completion date.
What is the SS responsible for transferring on completion?
The required redemption monies to the seller’s lender.
What document does the SS deal with to discharge the mortgage?
The discharge (DS1) of the mortgage registered against the property.
What is the first step for the Buyer’s Solicitor (BS)?
Verify the buyer’s identity.
What must the BS investigate in relation to the property?
Title to the property and raise searches and enquiries.
What should the BS advise the buyer on regarding the mortgage?
The contents and effect of the mortgage deed.
What does the BS arrange for the buyer and lender?
To sign the mortgage deed.
What must the BS submit to the lender?
A clear certificate of title.
What is the BS’s responsibility post-completion regarding the mortgage?
Attend to registration of the mortgage.
