The Remortgage Process Explained
You find the mortgage that you wish to secure on the property. You apply to your chosen lender with the property details.
Contact our Client Service Advisors for an estimate of costs to help decide which solicitor you would like to instruct. Once you have decided you need to pass the solicitor’s details on to your lender.
We will issue you with a Client Care Pack which includes our Terms of Business, a request for proof of identity and, if necessary, a payment on account for searches. You will need to sign and return the Terms of Business and provide the requested information to enable us to start work on your Remortgage.
You ensure your mortgage application is moving along and your lender is arranging the survey on the property for valuation purposes.
If necessary we will order searches to be undertaken on the property. Searches are not usually compulsory if you are having a Remortgage but it depends on the individual lenders requirements. Most Remortgages can proceed with a small sum being paid for search insurance. Lenders are more likely to insist on searches if there is no mortgage already secured on the property.
When you receive your formal mortgage offer we should receive our copy at the same time. We will forward your mortgage documents to you for you to sign and ask you what completion date you would like to complete on. Please note that your choice of date may have financial implications for you but we can’t provide any element of financial advice during the transaction.
At this stage we will also draft any documents necessary to transfer the legal title into different names, for instance if the property is to be transferred from 2 names into 1.
When we receive your documents back and confirmation of your requested completion date we will request the mortgage funds from your lender – they usually require 5 working days’ notice. We’ll get a settlement figure on any existing mortgage and any other loans that need to be repaid as a condition of the Remortgage. Any final balance due from you will also be requested at this time.
Completion Day: We will redeem your existing mortgage and advise you accordingly.
After completion we will arrange payment of your stamp duty (if required) and also apply to HM Land Registry to register the Remortgage. Once this is finalised you will receive a copy of your Title Information Document from us and your lender will also receive a copy.