Guide to Re-mortgages
This guide to the re-mortgaging process explains the key stages within a transaction leading up to completion. The re-mortgaging of a property can be broken down into four stages which are as follows:
Stage 1 – The Instruction
When you have selected us as your conveyancing firm we will begin the process by sending out our initial documents and perform ID Checks.
Stage 2 – The new Mortgage Offer
Following completion of the above stage we will request the mortgage offer from your new lender and obtain title documents for the property.
If the property is leasehold we will also request the freeholder details so as to contact them with a Notice of Charge. This informs them that the re-mortgage is taking place.
We will review the new mortgage offer to ensure all special conditions are complied with, and perform any necessary searches which the new mortgage may depend on.
Stage 3 – Arrangements for Completion
Once all parties are satisfied with the new mortgage offer we will send you the Mortgage Deed to be signed.
We will also request a redemption statement for your current mortgage. This is the settlement figure for your existing mortgage and shows us how much is due to you or the lender to settle the account in full.
Following this we will begin to make arrangements for a completion date suitable for you, and we will request funds from your new lender.
Stage 4 – Completion
On the day of completion we will repay your existing mortgage and send any surplus funds on to you. We will then register your new mortgage against your Title Deeds at the Land Registry.