Hello All,
any help with this one would be highly appreciated. I have paid off an Islamic Mortgage with Al Rayan Bank.
I am now left with the task of ensuring that the title deeds and charges are cleared and everything is transferred to me. I will not be using a solicitor or conveyancer to do this.
After some research I believe I understand most steps, but am getting a little confused, and would like confirmation of the process.
The current status is this:
1. There is a leasehold on my property and a charge - I am documented as the owner of the leasehold and the bank have the charge against the leasehold.
2. The freehold is owned by the bank.
The objective is that at the end there is only one freehold title deed owned by myself.
The bank as provided me with a completed DS1 with reference to the leasehold title deed (confirming I have paid off the mortgage).
The bank has also provided me with a completed TR1 for the freehold title deed.
My understanding is that I need to submit these with the AP1 form and the ID1/ID3 and submit with the correct fee.
Where I am getting confused is as follows:
a) In Panel 4 for the AP1 form is the priority order and relevant tasks the following, is below correct ?:
| Application |
Value |
Fees |
| Discharge |
£0 |
£0 |
| Transfer |
"Market Value of Property" |
£65 - Scale 2 fees reduced |
| Lease Closure - Merger |
£0 |
£0 (as I am paying fees for Transfer ) |
b) Do I need any further documents to be provided to ensure Merger is completed correct ?
c) In Panel 14 regarding all parties, I assume I only need to document for the Transfer , so Transferor is the bank and Transferee is myself. Is there anything else needed ?
Thanks in advance
