Multiple mortgages identified by Conveyancing Solicitors in Sheffield

Conveyancing Solicitors in Sheffield will investigate any burdens or obligations affecting the property which their clients wish to transact. These will often include an outstanding mortgage.

When Jaspreet Lotay, the clients’ Conveyancing Solicitor in Sheffield, found out that there was more than one mortgage on a Sheffield freehold, it was crucial that he contact the sellers’ Conveyancing Solicitors in Sheffield.

Jaspreet received the sale documentation of the freehold property shortly after being informed of the agent’s sales particulars which detailed the seller’s Conveyancing Solicitors in Sheffield. The office copies from the Land Registry included in the sale documentation revealed the multiple mortgages.

Jaspreet proceeded to contact HL Interactive LLP, the seller’s Conveyancing Solicitors in Sheffield, within the same day in order to ensure that the seller was not in negative equity and could pay off all remaining debt.  

The client’s Conveyancing Solicitor in Sheffield explains remortgages

Mortgage deals often have an introductory period during which the rates are fixed. After this phase ends, buyers usually have to switch to the lender’s standard variable rate which tends to be higher than the introductory rate. For this reason, many people try to change mortgage deals at this point.

The process is called remortgaging. While the short-term expenses such as arrangement fees are often higher, it tends to be cheaper in the long run because of the lower rates available.

In recent years, remortgaging declined by 70%, mainly because banks became pickier about mortgage clients as a result of the credit crunch. This is starting to change though as the housing market slowly recovers and becomes more competitive again.

So while it is often beneficial for owners to remortgage, once they sell their property the new buyers have to make sure that all debts have been paid off.  Otherwise, other people might retain rights to the property even after the new buyers have purchased it. Jaspreet’s enquiries showed that the office copies obtained from the Land Registry were out of date and he immediately requested fresh documents from the seller’s Conveyancing Solicitors in Sheffield.  

The property, which is valued at around £112k, on Wooldale Close, Owlthorpe, Sheffield, S20, had been marketed by the Sheffield branch of estate agent Annette Kerrigan. Owlthorpe lies in the South East of Sheffield and has historically been a rural area. But since the 1980s many building projects have been completed and Owlthorpe is now home to many residents with good connections to local transport.