At QualitySolicitors we make remortgaging as quick and simple as possible. We’ll guide you through the process, taking care of any paperwork and legal checks. We’ll also review the terms of your existing mortgage so that you don’t uncover any surprises further down the line.
Our friendly solicitors are experts in all areas of property law but will always speak your language – not legal jargon, giving you the confidence that you’re making the right decisions at every stage.
Mortgage or Re-mortgage of your existing property
Stages of the process:-
- Take your instructions and verify your identity and carry out money laundering checks.
- We gather details of your current mortgage, particularly a redemption statement.
- If you are paying off all or part of your existing mortgage we need to check source of funds in accordance with Anti Money Laundering Regulations.
- Check HM Land Registry title deeds to confirm you are the legal owner of the property.
- Your new lender will value your property.
- Review your mortgage offer and ensure that the mortgage lender’s requirements are satisfied. Go through the conditions of the mortgage offer with you.
- Request a current mortgage statement (if there is an existing mortgage to pay off) to confirm the amount required to redeem the mortgage.
- Apply for a local search or investigate whether the lender will accept a search indemnity policy.
- Attend with you to sign the new Mortgage Deed.
- Agree a completion date.
- Carry out protection and bankruptcy searches.
- Submit a Certificate of Title to the lender which confirms all matters relating to the property are acceptable.
- Complete the mortgage/re-mortgage. We will receive funds from your new mortgage and we will use these funds to pay off your existing mortgage. If any funds are due back to you we will also send this balance to you as soon as we can.
- Deal with the application for registration at the Land Registry to update the title to reflect the new mortgage.
- Store your file at the end of the transaction in accordance with SRA guidelines.
The timescale for completion is usually 6-8 weeks, the time scale depends on how quickly the Land Registry process the transaction once the application is sent to them.
With our free initial telephone conversation and no hidden costs policy, finding out more about your remortgaging options is straightforward. Call us today on 0808 196 3305 to arrange a chat with one of our experts today.