MORTGAGE - CONTRACT OF SALE


The buyer's solicitor supplies particulars of title to his mortgagees (a bank, building society, credit union, etc) so the mortgage can be prepared and submitted for signing.

The legal costs are cheaper in borrowing from a bank because banks prepare their own mortgages. In many cases, building societies do so as well. Most other lenders use solicitors and those solicitors' costs must be paid before the loan is made available.