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Process changes to impact some remortgagers in Scotland
The application process for some lending on land will change as the deeds-based General Register of Sasines is closed to standard securities.
This means applicants planning to use a new lender to remortgage or take out finance secured on an existing Scottish property may need to prepare a voluntary registration application to move a title onto the land register.
The change is only expected to affect a small percentage of people seeking secured funding.
Charles Keegan, Head of Land Register Completion at Registers of Scotland, said: “All those who advise mortgage applicants recognise the importance of keeping their clients informed of any changes that may affect them.
“We would urge lenders and mortgage brokers at [the] pre-application stage to let relevant customers know that they may be required to move from one public register to another in order to obtain a new security.
“Having a title on the land register provides greater security of ownership and, in the future, any transactions on your property will be easier, faster and cheaper.”
The change will not impact homeowners wishing to remortgage with an existing lender as monies are rolled into the same account with no need to check title deeds.
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