Chapter 9 Multiple choice questions

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Your client has decided to take a fixed rate mortgage with Barclays Bank plc. The interest rate is fixed for three years and there is an early redemption penalty. When advising your client on the contents of the mortgage deed, which of the following would you generally not include in your advice?

That if the client repays the mortgage within the first three years the lender can charge an interest penalty. correct incorrect

That the lender has the right to call in the loan and sell the property if the borrower defaults on the mortgage. correct incorrect

That your client will be unable to let the premises without the lender's prior consent. correct incorrect

That the initial rate of interest and monthly payments may be varied by the lender at any time. correct incorrect

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It is generally accepted that a solicitor should not give mortgage advice to a client because of the risk of contravening the Financial Services and Markets Act 2000. Is this statement true or false?

True correct incorrect

False correct incorrect

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A solicitor should ensure that following completion of a legal charge of registered land, the mortgage is registered at HM Land Registry within 30 working days of completion

True correct incorrect

False correct incorrect

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