03. Remortgagers’ representation
When participating in the remortgage process, it is important to clarify the capacity in which you are providing information. This ensures that all parties involved understand your legal standing and authority concerning the property.
Here are the different capacities and their definitions:
| Remortgager | The remortgager is the individual or entity that holds the title to the property and has the legal right to remortgage it. As the remortgager, you have full authority to provide information and make decisions regarding the remortgage. You are responsible for ensuring all details about the property are accurate and disclosed as required by law. |
| Attorney | An attorney, in this context, is a person who has been granted power of attorney to act on behalf of the remortgager. This legal authorisation allows them to make decisions and handle transactions for the remortgager. The attorney must present the power of attorney document to validate their authority. They can provide information, sign documents, and manage the remortgage process on behalf of the remortgager. |
| Deputy | A deputy is a person appointed by the Court of Protection to manage the affairs of someone who lacks the mental capacity to do so themselves. The deputy must provide a court order that specifies their role and powers. They have the authority to provide information and make decisions about the remortgage, acting in the best interests of the person they represent. |
| Executor | An executor is a person named in a will, or appointed by a court, to manage the estate of a deceased person. This includes handling the remortgage as part of the estate administration. The executor must present the grant of probate or letters of administration as proof of their authority. They are responsible for ensuring that the remortgage complies with the terms of the will and legal requirements. |
| Trustee | A trustee is an individual or organisation that holds and manages property or assets for the benefit of another party, according to the terms of a trust agreement. Trustees must provide the trust deed or a similar document to confirm their role and powers. They manage the property and oversee the remortgage process in accordance with the trust's terms and for the benefit of the beneficiaries. |
| Company representative | A company representative is an individual authorised to act on behalf of a corporate entity that owns the property. The representative must provide documentation, such as a board resolution or authorisation letter, to validate their authority to act for the company. They handle the remortgage process, ensuring that all corporate governance requirements and legal obligations are met. |
Understanding and clearly stating your capacity in providing information for the remortgage process is essential for transparency and legal compliance. Whether you are the remortgager, an attorney, a deputy, an executor, a trustee, or a company representative, having the proper documentation and understanding your responsibilities ensures a smooth and efficient remortgage process.