Common use of VALUATION OF THE PROPERTY Clause in Contracts

VALUATION OF THE PROPERTY. 23.1 If you ask us to make a change to your mortgage, for example if you apply to vary the Term or if you ask for our consent, for example to sell part of the Property, and we reasonably require a valuation, then you will need to pay a non-refundable Valuation Fee before the valuation of the Property takes place. 23.2 We may require further valuations of the Property during your mortgage even where you have not asked us to make a change to your mortgage. Where that is the case, we will be responsible for paying the cost of the valuation. 23.3 All valuations will be instructed by us and carried out by an independent, qualified valuer qualified through the Royal Institution of Chartered Surveyors. OUR RIGHTS 24 THE PROPERTY AS SECURITY 24.1 The Outstanding Balance is secured on the Property. 24.2 When you have signed the Mortgage Deed, we will arrange for a first ranking legal charge or Standard Security to be registered against the title to the Property at the Land Registry or Registers of Scotland. This will not be released until you have repaid the whole of the Outstanding Balance. 24.3 If the Property is leasehold and you also own the freehold, we may require a legal charge on the freehold. You must sign an appropriate deed for this purpose. 24.4 If the Property is leasehold and you own a share of the freehold or management company, we may require an assignment of the share or shares until you repay the Outstanding Balance. You must sign an appropriate deed for this purpose. If we sell the Property, we will transfer the share or shares to the purchaser.

VALUATION OF THE PROPERTY. 23.1 If you ask us to make a change to your mortgage, for example if you apply to vary the Term or if you ask for our consent, for example to sell part of the Property, and we reasonably require a valuation, then you will need to pay a non-refundable Valuation Fee before the valuation of the Property takes place. 23.2 We may require further valuations of the Property during your mortgage even where you have not asked us to make a change to your mortgage. Where that is the case, we will be responsible for paying the cost of the valuation. 23.3 All valuations will be instructed by us and carried out by an independent, qualified valuer qualified through the Royal Institution of Chartered Surveyors. OUR RIGHTS 24 THE PROPERTY AS SECURITY 24.1 The Outstanding Balance is secured on the Property. 24.2 When you have signed the Mortgage Deed, we will arrange for a first ranking legal charge or Standard Security to be registered against the title to the Property at the Land Registry or Registers of Scotland. This will not be released until you have repaid the whole of the Outstanding Balance. 24.3 If the Property is leasehold and you also own the freehold, we may require a legal charge on the freehold. You must sign an appropriate deed for this purpose. 24.4 If the Property is leasehold and you own a share of the freehold or management company, we may require an assignment of the share or shares until you repay the Outstanding Balance. You must sign an appropriate deed for this purpose. If we sell the Property, we will transfer the share or shares to the purchaser.

VALUATION OF THE PROPERTY. 23.1 If you ask us to make a change to your mortgage, for example if you apply to vary the Term or if you ask for our consent, for example to sell part of the Property, and we reasonably require a valuation, then you will need to pay a non-refundable Valuation Fee before the valuation of the Property takes place. 23.2 We may require further valuations of the Property during your mortgage even where you have not asked us to make a change to your mortgage. Where that is the case, we will be responsible for paying the cost of the valuation. 23.3 All valuations will be instructed by us and carried out by an independent, qualified valuer qualified through the Royal Institution of Chartered Surveyors. OUR RIGHTS 24 THE PROPERTY AS SECURITY 24.1 The Outstanding Balance is secured on the Property. 24.2 When you have signed the Mortgage Deed, we will arrange for a first ranking legal charge or Standard Security to be registered against the title to the Property at the Land Registry or Registers of Scotland. This will not be released until you have repaid the whole of the Outstanding Balance. 24.3 If the Property is leasehold and you also own the freehold, we may require a legal charge on the freehold. You must sign an appropriate deed for this purpose. 24.4 If the Property is leasehold and you own a share of the freehold or management company, we may require an assignment of the share or shares until you repay the Outstanding Balance. You must sign an appropriate deed for this purpose. If we sell the Property, we will transfer the share or shares to the purchaser.