Mortgage Documents
Independent Solicitor's Certificate
Lenders require a solicitor’s certificate to ensure that the borrower fully understands and willingly agrees to sign loan documents or provide a personal guarantee. Compliance by lenders and solicitors has increased significantly. By requiring a borrower or guarantor to obtain an independent solicitor’s certificate, the lender reduces the risk of any future claim that the borrower or guarantor did not understand the document at the time of signing.
Before issuing the certificate, the solicitor must meet with the borrower or guarantor to explain the loan documents and the risks associated with signing. Additionally, the solicitor must verify the borrower’s or guarantor’s identity. Scott Legal provides this service.
Mortgagee Registration
If you lend money to the registered proprietor of a property or if the proprietor provides a guarantee for the main borrower, the loan terms may include your right to hold a mortgage over the property until repayment is complete. A mortgage provides the lender (mortgagee) with strong security. In the event of a loan default, the mortgagee may have the right to take possession of the mortgaged property or appoint a receiver for the property’s income.
A well-drafted loan agreement should be written in plain language and include clauses that clearly outline the terms agreed upon by the lender and borrower. These should address repayment of principal, early repayment options, interest accrual (including default interest), costs, and conditions triggering the mortgagee’s right to take possession or enforce the loan. Due diligence should also be conducted to assess the borrower’s asset ownership, debts, and repayment capacity.
We can prepare loan documentation and register the mortgage or a caveat. Please contact our office for further information on this process.
Mortgage Enforcement
We provide assistance in managing loan recovery and enforcement actions as required. Contact Scott Legal for professional support in mortgage-related matters.
Tailored Advice for the Best Outcome
A testamentary trust is not just for the wealthy or complex estates. It can provide lasting tax savings, safeguard your family’s inheritance, and give you peace of mind knowing your estate is protected for future generations.
At Scott Legal, we regularly set up testamentary trusts as part of our estate planning services and can guide you through whether it’s the right option for your family.