Conveyancing process for remortgaging
A re-mortgage is the transaction or process of transferring your loan (mortgage) from one product to another. A re-mortgage can take place with your existing lender, where you are moving to a different rate or deal, or perhaps borrowing a different amount. Alternatively, you may be moving to a new lender entirely, and that is where our services come in.
The following is a step by step guide as to what will happen to complete the re-mortgage process. Don't worry; we will be doing most of the steps for you!
So, where do you start?
- First of all, you need to instruct us to act on your behalf. By clicking on the 'remortgage' button on the home page, you will be able to get a quote showing you exactly how much your re-mortgage will cost, and then submit your details to us via a simple online form.
- We will request your property title deeds from your existing lender, and also establish exactly how much is left outstanding on your mortgage. This is known as a redemption statement.
- Once the valuation has been completed, and your new lender has agreed your mortgage, they will post to you (and a copy to us) a formal mortgage offer letter. This will include any special instructions which must be carried out in order for the transaction to be completed.
- We will undertake all appropriate searches, (such as Local Authority and Land Registry).
- Once the mortgage deed has been drawn up, we will send it to you for your signature and return. If, as part of any deal you have struck with your new lender, you are sending some of your own money, we will require these from you.
- A completion date will be agreed with you. Completion is the day when your new mortgage monies (which will have been sent to us a couple of days before hand) are used (along with any additional funds you are providing yourself) to pay off your old mortgage (and any other debts which are being reduced / settled as part of the transaction). All of our fees will have to be settled by this point, and if there is any money due to you (additional funds raised from the re-mortgage for home improvements for example) they will be paid into an account of your choice.
- The final part of the process is for a new Land Certificate to be produced by the Land Registry. This will show that the new lender has a First Legal Charge over your property, and also confirm that the previous lenders details have been removed. The original of this document will be sent to your new lender, with a copy going to you.
More detailed information about the conveyancing process can be found at www.theadvisory.co.uk web site. Gavin Brazg, the editor, provides impartial advice about choosing conveyancing solicitors.