When is this service required?
The report on title (otherwise known as a certificate of title) must be completed before the agreed funds are released by the lender. A report on title, is a certificate that is provided to the lender by solicitors to confirm that the lender’s instructions have been complied with in accordance with the CML handbook (Council of Mortgage Lenders) and the mortgage offer.
Ordinarily a solicitor will act on behalf of the buyer and the lender in providing a report on title. However in some cases a conflict of interest may arise which will prevent the same solicitors acting. Alternatively it may be the mortgage providers own policy to instruct a completely independent solicitor to provide a report. We are frequently instructed to act solely on behalf of mortgage providers where such circumstances arise.
How the process works?
We understand that different lenders will have different requirements for completing a report on title. Upon receiving mortgage instructions we will raise enquiries with the buyer’s solicitors to obtain relevant information about the property.
Once the buyer’s solicitors have met the lender’s requirements, we will certify to the lender whether the property is acceptable for mortgage lending and confirm whether the lenders specific requirements have been complied with. This will usually be done by completing the lender’s standard independent report on title form.
How long does it take?
Typically a report on title will take around 4 weeks to conclude. The timescale will however depend to a large extent on the borrower’s solicitors and how quickly they can provide the information requested by us.
Is it expensive?
We will charge a fixed fee for this service. The fee payable will be based upon the property value and the size of the mortgage being obtained. Although we will be acting solely for the mortgage provider it is the borrower who will be liable to pay our fees.
What you need to do?
We welcome the opportunity to discuss acting on behalf of banks, building societies or other mortgage providers. In the first instance, please telephone Mr Raymond Crudgington (head of Commercial Property) for an initial informal discussion.