Once the private mortgage lender is satisfied with the value of the property the next step is for them to instruct Bransgroves Lawyers to act for them on the advance. This is done by forwarding the signed term sheet to us by email and instructing us to act on the loan.
At the same time the borrower is asked by the private mortgage broker to transfer a deposit on our legal fees into our account. This deposit ensures that if the loan does not proceed the lender will not be out of pocket for legal fees.
Upon receipt of instructions Bransgroves perform the searches needed to draft security documents and these are created using document assembly. The security documents are then sent to the private mortgage lender and the private mortgage broker to ensure they are both happy with any modifications that had to be made to the special conditions in the term sheet in order to make them congruent with the mortgage memorandum.
Once the security documents are approved by the private mortgage lender they are emailed to the borrower’s solicitor. The security documents include a clause which causes