What your solicitor does – Re-mortgaging Advice
- Preliminary Information – We will send you a form to fill in, to give us the information we need from you, such as the name and address of your existing and new lenders, your account numbers, and any related transaction such as a change of owners of the property, or life policies to be used or released.
We will then be able to obtain title details from the land registry, and get the deeds packet from your existing lender, together with any requirements they have for paying off the existing loan.
- Mortgage Offer - When your application for the new mortgage has been processed, the new lender will send both you and us a formal mortgage offer with a number of conditions and requirements. We will discuss with you any requirements that you or we need to deal with at this stage. You will probably need to see us or another solicitor in person to sign the mortgage deed. We will also need to see your passports.
- Searches - The new mortgage lender will probably want us to undertake certain searches on the property at your expense before we can complete.
- Finance - If the amount you are borrowing on the new loan is less than the amount owing on the new loan plus the costs and search fees, we will need the balance from you before we can complete.
- Insurance - If the new lender requires you to arrange any new life or buildings insurance cover, we will need written evidence from the insurance companies that they have accepted the insurance proposals, and that the cover meets the lender's requirements.
- Solicitor's Certificate - We will have to report back to the new lender that all the search results are clear and that all their conditions have been complied with in order to get the money for the new loan from them.
- Completion we will pay off the old mortgage and all costs and remit to you any surplus funds. We will then attend to the registration of your new mortgage at the Land Registry.
