A Guide to Remortgaging
Buying your property can be a confusing time which is why we have devised this step by step guide to explain the stages of your transaction.
Stage 1 - Initial Steps
1. After you have instructed us, we will request a redemption statement and your title deeds from your existing lender. The redemption statement will confirm how much you still owe on your existing mortgage. This also applies to any other loans or credit agreements that you are paying off.
2. If this is a leasehold property we raise enquiries with the freeholder/managing agent.
3. Then we wait for your mortgage offer and check the title documents together with leasehold replies to enquiries (if applicable)
Stage 2 0 Exchange Contracts
4. We then check for any additional instructions from the lender and if necessary (varies depending on the lender) perform searches against the property.
5. At this point we will send you a copy of your mortgage statement and any other finance agreements you are closing, along with your mortgage deed. You will need to sign the mortgage deed and we will agree a completion date.
Stage 3 - Completion
6. When we have received the signed mortgage deed we can arrange the completion - most lenders require five working day's notice.
7. On the day of completion we will pay off your existing mortgage (and other credit agreements - if applicable), deduct our legal fees and any disbursements and forward you any remaining funds.
8. We will then register your new mortgage at the Land Registry. When the title is registered we will supply you with a copy and send the original document to your lender.