How do McVey and Murricane use the MMiAuthority?

• • Standard Security

This is the agreement entered into between you and your lender where you grant security over your property in return for the loan (mortgage) that they have offered you. This is a very important document. In the event that you cannot keep up the payments on your mortgage this is document that the lender will use to raise Court Proceedings against you. Once this document is signed by us on your behalf you shall be bound by the terms of the mortgage. The lender will have provided you with material along with the offer of loan which includes the detailed conditions of the loan. In addition the standard security prohibits you from changing the use of the property, letting the property and making major alterations to the property as well as positive obligations to maintain the property and have sufficient insurance in place.

•Shared Equity Documentation

There are a number of Schemes that fall under this category that will assist you with your Deposit in return for a percentage share in your property. You may recognise them as Help To Buy, First Home Fund, Low Cost Housing or even Golden Share.

Not all of these schemes follow exactly the same process therefore sometimes the documents we need to sign change depending on the Scheme from which you may be benefitting;  your Authority will allow us to sign them all. Most of the Schemes involve a Standard Security, Ranking Agreement and a Minute of Agreement. Here is a brief explanation of each document.

Standard Security - like the one mentioned earlier on this page where you are granting a security over your property in return for the loan, this time you are granting a Security over a percentage of the Property Value in favour the Shared Equity Provider.

Ranking Agreement - Your lender will always insist that the Security in their favour to be the Registered ahead of the Security in favour of the Shared Equity Provider. Therefore, your Lender and Shared Equity Provider will enter into a Ranking Agreement which will ensure they are ranked in the correct order at the Registers of Scotland

Minute of Agreement - a written document detailing the agreement between you and the Shared Equity Provider. Once the document is registered, the provisions can be relied on in Scottish courts if any disputes arise in the future.

• • • Matrimonial Homes Declaration

This only applies where the property is in the name of one person. A matrimonial home is a property in which your spouse has rights to reside in. A matrimonial homes declaration is the document that is signed to confirm that you do not have such a spouse who has resided or currently resides in the property and who has not formally renounced their rights to the property.



• • Insurance Confirmation

This confirms to your lender that you are aware of the condition in your mortgage that you are required to insure the property for the term of your loan.

• • • • Search Declaration

As part of the process we carry out searches over the property. The searches detail the current owners and also if there are any issues that would prevent a transaction from going through, such as debt matters (inhibitions, trust deed, sequestration). It is quite common for names to appear within the search that are the same as the owner, but is not them. We therefore require to confirm with you that this is not the case and we can then sign a declaration on your behalf confirming that this is not you.

• • Disposition

This document transfers property between the seller and the purchaser. In a transfer of title relating to a remortgage the transfer is by the person who currently is on the title to the persons who are on the new mortgage offer from the new lender. Following signature and completion of the relevant transaction the disposition is sent for registration to the Land Register to be registered.

• • Deed of Variation

This document amends the mortgage where a property is being transferred subject to an existing mortgage. It is then sent for registration to the Land Register to be registered.