Mortgage Bond registration steps, for a home loan Business Diary
That potential home seekers need to follow ahead of applying for a home loan.In this edition, Kwelagobe highlights steps involved in bond registration and fees levied in the process of buying a home.
The process of Bond Registration involves the following authorities – Barclays Home Loan Centre, Barclays Securities Unit, Conveyancer and Deeds Registry.
Before outlining the process, it is necessary to understand, from a conveyancing point of view the term Bond. On existing authorities, Mortgage bond is defined as; ‘ A Bond attested by the Registrar specially hypothecating immovable property’
This definition presupposes that Registrar of Deeds shall not attest any mortgage bond which purports to bind movable property or which contains a general clause purporting to bind generally all the immovable or movable property of the debtor, a customer in our case.
Once a home loan has been approved by the Branches, it is transmitted to Securities unit primarily for confirmation and perfection. This is done by way of bond registration instructions which is basically inclusive of Facility letter and other relevant supporting documents such as title deed of the property, spousal consent where necessary and certified ID documents of the customer to name but a few.
