Learn why appointing a Processing Agent is essential for overseas buyers
A Processing Agent is a local UK representative such as a lawyer or agent who handles legal and financial documents for overseas buyers
Banks require Processing Agents to ensure critical legal notices like missed payments or repossession warnings reach borrowers securely
– Receive and forward legal documents from the lender – Notify borrowers of payment defaults or rate changes – Ensure smooth communication between the borrower and lender
A Processing Agent must be appointed once you accept a mortgage offer and your solicitor will guide you through the process
Choose someone trustworthy as this is a vital role that most estate or letting agents may not agree to take on
The fees for a Processing Agent range between £100 and £3,500 plus VAT per year depending on the services offered
Missing legal notices due to not appointing a Processing Agent can lead to financial and legal issues including repossession of your property
Benham & Reeves offer reliable Processing Agent services as part of their property management expertise ensuring smooth ownership for overseas buyers