Re-mortgage Procedure
Once you have decided to instruct us, our efficient and qualified team will proceed with the transaction immediately, as we aim to complete your re-mortgage within 10 days from receipt of offer. If you have a particular date/timescale our team will be happy to try and accommodate your needs.
Obtain Redemption Statement/Title Deeds
We will write directly to your lender to obtain an up-to-date redemption statement of the amount outstanding on your mortgage and obtain any title deeds in their possession. As we have direct internet access to Land Registry we can obtain official copies of your property title the same day as we receive your instructions from you.
Searches
We will need to submit certain searches however many lenders DO NOT require the full searches that would be used on a purchase to be carried out and authorise us to take out an indemnity insurance policy that will cover them. If your lender does require particular searches to be carried out we will submit those as soon as we are notified of their requirements.
Your Mortgage
A mortgage is a loan that a lender is willing to provide provided that the loan is secured against your property and we must act on their behalf to carry this out.
There are various types of mortgage and once we receive a mortgage offer, we will advise you of the terms and conditions of your offer.
Financial Statement
We will provide you with a full breakdown of costs before completion, showing the amount due back to you on
completion (if any).
Insurance
On completion it will be your responsibility to maintain the insurance on your property. Buildings Insurance must be in place by the day of completion and we should be provided with a copy of the buildings insurance schedule as soon as possible so we can confirm that your new lender's interest is noted on the policy.
Completion
This is the day in which your existing mortgage is redeemed and your new mortgage starts.
Post Completion
We will then be sent confirmation your existing mortgage has been redeemed. Once this is received, we send your application for registration to HM Land Registry who will update the register with the details of your new mortgage. |
