Explain the process of a remortgage?
When you are remortgaging the following steps are taken:
1. Once your mortgage broker has found you a suitable mortgage product, he will ask you for details of your solicitor;
2. You should contact us at this stage and we can provide you with a fee quotation for acting;
3. Once you accept our fee quote we will then send to you our client care letter; terms of business letter; anti money laundering information for signing;
4. Although you are not selling the property, we wil still require you to complete online the law society’s property information forms so that we can ensure that we have details of all works you have done to the property and relevant certification for works carried out;
5. Your mortgage broker will then key in our details into your new lenders system;
6. Once we have received your signed client care letters, we will then submit for searches or if your lender accepts it, carry out a no search insurance policy. We will also check that you have supplied us with all certification for works done to the property and we will also check the legal title to your property;
7. When we receive your mortgage offer, we will have checked that the property is good and marketable from a secured lending perspective;
8. We will then contact your existing lender for the amount they require to release the charge registered against the property;
9. Once we have the redemption figure from your current lender we will write to your new lender confirming the property is good and marketable;
10. We will also carry out pre-completion searches in favour of your new lender;
11. We will then receive the funds in from your new lender and pay your existing lender the amount required to redeem their mortgage and pay any balance back to yourself;
12. Once we have completed we will then transfer your file to our post completion team who will register the new legal charge in your new mortgage lenders favour and send to both you and them the up to date office copies showing the registered charge.
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