Re-Mortgaging
Re-mortgaging is the process of moving your mortgage on your existing property from one lender to another. Your new mortgage will then replace your old one. You may want to re-mortgage if you are coming to the end of your existing rate.
The re-mortgage process is normally rather straightforward and this process can be seen below. However, there can be unforeseen issues which we will advise you on if these arise.
What legal work will you be doing for me?
The precise stages involved vary according to the circumstances. However typically we will need to do the following:
Once you have instructed us we will then send the initial documentation, which you will complete and return together with our initial fee and give you initial advice.
When we have received the above, we will then obtain your title deeds from the land registry (if the property is registered).
If the property is freehold we will note any mortgages on the title and obtain an initial redemption statement, showing the outstanding figure on your current mortgage.
Once we are in receipt of your mortgage offer from your new lender, we will report to you on the information therein.
Send you final documents for signature.
We will then agree a completion date and request a final redemption statement from your existing lender and submit a Certificate of Title to your new mortgage lender so we can receive the funds on the agreed completion date.
On completion, once in receipt of funds from your new lender, we will then pay off your existing mortgage and request they remove their charge on the title deeds.
We will then deal with the application for registration at the Land Registry. They will replace the existing lender’s charge with your new lender.
Once the Land Registry has dealt with the change of Lenders we will then send you the Official Copies and any other important documents we hold in relation to the property.
It would not normally be necessary to undertake other work or incur other costs other than those described above. However, we would advise you of the stages once we know the specific circumstances of your case.
How long will my re-mortgage take?
The average process takes between 3 - 4 weeks. However, if there are complications it can take longer. For example we may require information from the management company. The management company often are responsible for the management of the service charge and the delivery of management and maintenance services in the housing development and receiving information from them could take between 2 to 4 weeks.
We also may need information to help comply with the special conditions of the lender and require extra information from you, this is dependent on how quickly you can gather this information, but we would advice you of what information we required as soon as we had received the special conditions from the lender.
Who will be dealing with my matter?
Your conveyancing transaction will be handled by a member of our experienced conveyancing team. Once we know who will be handling your case for you we will introduce you to them and provide you with full contact details. Full details of the experience and qualifications of our team are available on Our Teams section.
Regardless of who is working on your case the matter will be supervised by one of our partners:
Richard Scott
Qualified Solicitor
25 years experience
Commercial & Residential Conveyancing
Alison Street
Licenced Conveyancer
25 years experience
Residential Conveyancing
If one of the above is deal with your case then the other individual will be supervising the matter.
If you would like to receive any further information then please contact us on 01937 832371 or send an email to legal@bjhsolicitors.co.uk