Published September 6, 2016

The sasine register closed to standard securities on 1 April 2016.

This means that any remortgage which requires a new standard security now triggers registration in the land register. Solicitors acting in remortgage work and when acting for a lender in a remortgage transaction will now be responsible for ensuring the property is registered in the land register. Preparing an application for registration in a remortgage transaction can differ from a standard purchase and sale transaction, for example our clients may not have copies of any of the title deeds to base their request for searches on.

M&B have devised a package of searches that are appropriate for remortgage first registration events, the new searches can be ordered by our clients individually or in a bespoke pack.

Details of the new services

  • A Remortgage First Registration Legal Report This Legal Report uses the new M&B template style and branding, it follows the content of a Legal Report (unregistered) but also has additional fields for providing the price paid at last purchase and the details of the relevant deed giving the full legal description of the property (the descriptive writ). The reason for these additional fields relate to the specific requirements of a remortgage transaction, the lender is likely to use the previous price as a factor to support their lending decision and as our client is unlikely to have the title deed pack at the point of ordering we supply details of the descriptive writ which the plans report will require to be based on. An update of the Remortgage First Registration Legal Report is likely to be required closer to the transaction settling.
  • A Remortgage Plans Report Level 3. This Plans Report will be based on the descriptive writ as disclosed in the First Registration Legal Report.
  • A Remortgage Quick Copy. It is expected that, as our clients are unlikely to have the title deed pack, they will require quick copies of pertinent deeds, including the descriptive writ and any burdens, to support their registration.
  • A Remortgage Deed Plan. As these transactions trigger registration it is anticipated that a percentage of them will require new deed plans to support the registration.
  • We have also created a pack with the essential reports wrapped together. A Remortgage First Registration Pack includes a Remortgage Legal Report, a Plans Report Level 3, a quick copy of the descriptive writ and an update of the Legal Report. Our clients have the option to order the reports separately or together in this pack.