Remortgage

As an Accredited Paralegal, you are required to demonstrate competence in your chosen area of practice as well as the general competencies and standards of conduct.

Below are competencies, skills, knowledge and understanding, and legislation specific to the Remortgage practice area.

Competencies

A paralegal should be able to progress a remortgage transaction from taking client's initial instructions through to conclusion of the transaction including draft deeds and forms and registration of the title.

Specifically, the paralegal should be competent to:

  •  interview and correspond with client and borrower
  •  advise client on procedural aspects of the transaction
  •  examine and report on valuation report and all matters contained therein
  • obtain redemption figures and title deeds (liaise with previous solicitors in relation to pending applications and obtaining relevant documentation)
  • examine title deeds, to include prescriptive progress, all charges as well as burdens
  • deal with any title issue that may arise including conveyancing, insolvency, and matrimonial issues which would result in the Lender not having a clear and marketable first ranking security
  • carry out searches with relevant authorities including searches in Register of Inhibitions and Adjudications.
  • deal with exclusion of indemnity on searches and arrange title insurance if and when required
  • check and advise on all special conditions contained within the Mortgage Offer
  • draft all relevant deeds, to include Standard Security, Discharge and Affidavits
  • meet with clients and borrowers to explain the legal implications of remortgage and arrange execution of relevant legal documentation
  • complete Certificate of Title and submit same to Lender obtain and review updated searches
  • complete transactions and redeem and discharge all loans over the property
  • complete all types of registrations and submit applications for registration
  • deal with any requisitions/rejections of applications to the Land Register

Skills, knowledge and understanding

You should be able to demonstrate knowledge, understanding and awareness of:

  •  the steps involved in a remortgage transaction
  • the rights and obligations of the client, borrower and/ or secured lender
  • how remortgage inter-relates with conveyancing, matrimonial and insolvency law
  • the significance of the home report/valuation report
  • the law and basic principles of personal and real rights; sasines and registered titles; special destinations; the giving and taking of security
  • how a lender obtains a good, valid and marketable title resulting in the Lender having a clear and marketable first ranking security
  • the various searches required for the particular type of transaction, how to obtain them, and the fees payable/chargeable and the significance of the search results
  • Letters of Comfort, Letters of Obligation, Letters of Undertaking and special destinations
  • The rules in relation to procedures, deadlines and timescales relating to the remortgage (e.g. expiry of Mortgage Offer, ERC expiry, Borrower preferred completion date, completion to coincide with purchase, special conditions etc)
  • the law on execution of deeds in Scotland, including signing, witnessing and testing clauses
  • the timescales involved in conveyancing transactions, particularly in relation to registration of deeds and registration of charges
  • the process of registration in the different registers
  • the requirements for registration of charges
  • procedure and requirements in relation to LBTT
  •  An awareness of the Law Society of Scotland Practice Rules 2011, together with associated Guidance
  • Post completion requirements

Legislation 

You are required to demonstrate knowledge, understanding and familiarity with the relevant legislation and rules of court. This requires being cognisant of the continuing changes to current legislation and rules and the introduction of new legislation and rules. The following is a non-exhaustive list of the areas relevant to remortgage work:

  • Bankruptcy and insolvency
  • The law relating to Building Standards
  • Common Law of Real Rights and Personal Rights
  • Contract
  • Conveyancing and feudal reform including relating to tenement properties
  • Data Protection Act and GDPR
  • Family Law, including civil partnerships and matrimonial homes
  • Housing law including tenancies
  • Land and Buildings Transaction Tax
  • Land Registration
  • Money Laundering, Proceeds of Crime, Bribery and Corruption and Terrorist Financing
  • Execution of legal documents
  • Service Level Agreements specified by each individual lender
  • UK Finance Lenders Handbook

 

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