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This article was published on July 17th, 2019
Don’t know where to start when it comes to re-mortgaging? Confused about what the process entails? Here at Thorneycroft Solicitors, our expert conveyancing team aim to make the re-mortgaging process as clear and easy as possible. This is the Thorneycroft Solicitors guide to re-mortgaging.
We understand that sometimes the conveyancing process and the legal obligations that come with the re-mortgaging of a property can be frustrating, that’s why we’ve put together this guide to re-mortgaging help ensure you understand the process fully.
When you instruct us to act on your behalf, we will initially contact you to explain the re-mortgaging process to you fully, and a member of our Conveyancing Team will set out your responsibilities during the process as well as explaining the actions our team will take on your behalf to ensure your re-mortgage is completed.
Once you’ve instructed us to act on your behalf, our Conveyancing Team will send you a welcome pack, which will contain information about the conveyancing process as well as your contract papers and Terms of Business. You’ll need to read through the documents, sign them if you’re happy to proceed, and send them back to us.
Once you’ve agreed that you would like our team to assist you with the re-mortgaging of your property, our team will begin the process. Initially, we will need you to provide us with the details of your existing mortgage lender as well as your mortgage account number, this will enable us to retrieve your title deeds and a ‘redemption statement’ figure for you.
We will also need you to inform us as to who your new mortgage will be with once you complete the re-mortgaging process.
Before you receive a mortgage offer on your property, your prospective new mortgage provider will need to carry out a survey of the property. Once the survey has been conducted you will be sent an official mortgage offer by the provider, which will usually be posted to you. We will also receive a copy of your mortgage offer at the same time as you receive your personal copy.
Any searches required by your lender will be carried out at this stage.
Once you have received a mortgage offer from your new mortgage provider, we will request a redemption statement – this will tell us the final figure for settling your current mortgage.
The next stage in the process is to sign the new mortgage deed once you’re happy with the terms of the mortgage offer and the result of the searches.
We will then request the funds from your new lender to be sent in readiness for the date agreed for the completion of your new mortgage.
A completion date will then be agreed by all parties and we will carry out a search with the Land Registry to make sure there have been no changes to the land registry entries and another search will be carried out with Land Charges to ensure you aren’t bankrupt.
When the day of completion arrives, your new mortgage funds will be sent to ourselves, and we will ‘redeem’ or pay-off the remaining balance of your old mortgage. Once this has been done the re-mortgaging process will be complete and our conveyancing team will put in place any indemnity insurance relating to searches if applicable.
After the re-mortgaging process has been completed, our team will register your new mortgage at HM Land Registry, this is a process that must be completed within 2 months of completion. Our conveyancing team will then send the necessary legal documents to the lender and yourself for safekeeping.
Our conveyancing team is led by Christine McClenaghan who is the Head of Residential and New Build Conveyancing at Thorneycroft Solicitors. She has over 20 years of conveyancing experience and her team have a long history of providing outstanding service to those looking to re-mortgage their property.
If you have any questions about our guide to re-mortgaging or the re-mortgaging process, please don’t hesitate to ask a member of our conveyancing team. You can contact us by calling 0330 058 0118.