Transfer of titles during a remortgage

Transfer of titles during a remortgage

McVey and Murricane: notes for a solicitor acting for the borrower in the title transfer where McVey and Murricane are dealing with the remortgage

Where a solicitor is acting for the borrower and there is a transfer of title then, in order to utilise the disposition et cetera created by the solicitor acting for the borrower the following needs to be in place:

  • The solicitor should deliver to McVey and Murricane the disposition in favour of the borrower or borrowers who accord with the names under the offer of loan together with the registration form for the transfer duly signed. That should be accompanied either by a letter from the solicitor agreeing that their direct debit can be debited by the keeper or alternatively the relevant registration charges.

  • The application form for registration with the Land Register of Scotland must be completed in such a manner as not to anticipate any restriction of warranty by the Land Register of Scotland. The completion of the application form for registration and the preparation of the Disposition should accord with good conveyancing practice.

  • should be included as one of the email addresses noted on the application form relating to the transfer of title

  • The solicitor at the same time should provide McVey and Murricane with a formal letter in terms of the following:

Transferor: [Name of person transferring the property]
Disponee: name of the person(s) to whom the property is being transferred]
Property: [address of property]
New Lender: [full name of new lender]
With reference to the attached disposition and relevant application form in respect of the transfer of the Property by the Transferor in favour of the Disponee we confirm that you should submit the disposition to the Land Register of Scotland along with the application form.

In the event of our receiving any rejection of the registration application pertaining to the said disposition or any other communication from the Land Register of Scotland, we shall (1) advise you of such rejection or communication within seven days of receipt (2) accept any reasonable directions from you in dealing with such rejection or communication (3) be responsible for obtaining any duplicate or replacement documents required to be executed by the Transferor or, in respect of the Standard Security in favour of the New Lender, the Disponee.

We undertake that (1) we have dealt with any requirements in terms of the LBTT and ADS regulations and legislation, inserting the relevant information within the said registration application form (2) the Disposition and application form to Land Register of Scotland have been completed in accordance with good conveyancing practice (3) in the event that the consideration detailed within the Disposition is not the full value of the Property or that proportion of the Property being transferred, we have obtained a solvency declaration executed by the Transferor and put in place an indemnity policy with a reputable insurance company against any challenge by a trustee or insolvency practitioner acting in the estate of the Transferor and (4) to deliver to you on request such solvency declaration and indemnity policy.

We acknowledge in delivering the said disposition, application form and this letter to you that we owe a duty of care to you and to the New Lender.

RemortgageDavid Matthews