REGISTRATION OF A MORTGAGE ON PROPERTY
HELD BY CERTIFICATE OF TITLE (REGISTERED LAND)
A mortgage on registered land in Demerara will usually take 2 to 3 weeks to be completed and a mortgage on property in Berbice or Essequibo 6 to 8 weeks (because the documents have to be sent to and returned from the Lands Registry in New Amsterdam or Suddie).
1. You come to see us when you have received a letter from the mortgage company telling you that the mortgage has been approved and the fees that have to be paid (see schedule of mortgage fees on following page).
2. You pay the mortgage fees and are given our official receipt.
3. We prepare the mortgage documents (usually within 1 or 2 days of your paying the fees) and:
(1) advise you that you will be legally bound by the documents you sign and
(2) invite you to obtain independent legal advice on your rights and liabilities under them
4. You –
(1) either take copies of the mortgage documents and independent legal advice forms to a lawyer for advice and thereafter return them to us completed and signed/sworn.
(2) or tell us that you wish to go ahead without obtaining independent legal advice.
5. You execute the mortgage documents.
6. We file the mortgage documents at the Land Registry (usually within 2 days after you have executed them).
7. We make regular checks at the Land Registry. If there are any queries, we will deal with them as quickly as possible; otherwise when the deed has been signed we will uplift it and the certificate of title and send them to the mortgage company.
8. Please note:
(1) If there is/are (an) existing mortgage(s) on the property that is being mortgaged, unless the new mortgage is to rank after the existing one(s), it/they should be discharged before or simultaneously with the filing of the new mortgage.
(2) If you are obtaining a mortgage to complete the purchase of the property to be mortgaged, the mortgage can only be filed after or at the same time as the transfer of title papers. If the transfer of title is being handled by another attorney-at-law, it is your responsibility to inform us when the transfer documents are ready for filing so that we can arrange to file the mortgage at the same time.
If there is anything that you need explaining more fully, please do not hesitate to ask a member of our conveyancing staff or a partner. You may of course also contact us for an update at any time.
LAND REGISTRY MORTGAGE FEES
Registrar’s fee - .1% of mortgage amount
Registrar’s duty - .12% of mortgage amount
Attorneys’ fee - .8% of mortgage amount plus VAT
Fee for additional documents (affidavit, special power, statutory declaration, format of independent legal advice letter) - $3,400 plus VAT
As for individual plus:
If for under $500,000 – Company Registrar’s fee - $20,000
Company Registrar’s duty - . 25% of mortgage amount less duty paid to Lands Registry
If for over $500,000 – Company Registrar’s fee - $40,000
Company Registrar’s duty - .25% of mortgage amount less duty paid to Lands Registry