MMiLegal Toolkit for Intermediaries
Remortgage additional stand-alone services
Additional stand-alone services are much more important in respect of remortgage than in previous times.
Why is this? It arises mainly for two reasons. The first is the much greater complexity in society these days. There are far many more instances of people living together where a property may have been purchased in one or more names and the persons living in the property now are different.
The second major driver of the need for additional remortgage services is the greater depth by which mortgage lenders now analyse applications for remortgages. A more focused view on the ability to repay (together with the interaction with the greater complexity within society) results in more transfers of title and associated paperwork.
The other sources of additional stand-alone remortgage services are matters that may require to be corrected to allow the property to be remortgaged or issues arising from the registration system. You might be interested in the latest issue arising from Scotland's ongoing land reform process which is dealt with in this article on our website.
There are two circumstances in which the stand-alone services arise:
the first relates to cases which are being handled by a solicitor other than McVey and Murricane under a "fees paid" scheme run by a lender. As soon as one of the issues described above manifests itself during a remortgage all completion time guarantees disappear. Your client, the borrower, can generally request that the firm who is dealing with the "fees paid" remortgage carries out the additional services to transfer title or deal with the problem issue, or request that another solicitor deals with these matters.
There are considerable advantages to you and your client by referring these additional matters to McVey and Murricane's Remortgage Speciality Department. McVey and Murricane have created safe, secure and comprehensive methods of dealing with these issues. Referring these matters to McVey and Murricane ensure that you maintain some type of control and influence over these procedures and can liaise directly with your client as to progress.
- The second set of circumstances are where the remortgage is not a "fees paid" and where you can provide guidance to your client as to the best type of firm to deal with either a remortgage or a more complex remortgage involving stand-alone additional services. If you are aware of the need for the stand-alone additional services then these can be incorporated from the outset avoiding additional delay where possible and allowing a fixed estimate of costs for your client.
In summary, we live in an increasingly complex world, and the speedy and effective execution of remortgage work and associated stand-alone services is, more and more, the province of specialists such as McVey and Murricane who have developed both systems and problem resolutions aimed at making the remortgage experience a more pleasant and effective one for your clients and customers.