When you re-mortgage property, it is likely that your initial point of contact will be a mortgage broker.
Most clients tend to re-mortgage when their fixed term mortgage comes to an end. They tend to re-mortgage before the variable rate comes into force under their original mortgage.
It is best to approach a whole of market mortgage broker who is not tied to any particular lender, so they can get you the best mortgage rates.
Once you have found a lender, and you are happy with the rates they are providing, they will ask you to sign a copy of their mortgage offer, and ask you to nominate the solicitor who will be acting on yours and the lenders behalf. That solicitor must be able to act on behalf of the lender as well. So in essence they must be on the Lender’s panel of solicitors.
We would hope that you nominate PLS Solicitors, to act on your behalf.
If you do, then the lender will write to us, with their solicitors instructions.
We will then send through to you our client care letters, together with a property information form for you to complete and return.
Once we are in receipt of the signed client care letters, we will then download the official copies of the register of your legal title from the Land Registry and review the legal documentation and will also check through your property information form to check that no further covenants have been breached.
Provided that this is the case, then we will check the council of mortgage lenders handbook to see if the lender whom you are re-mortgaging to accepts a no search insurance policy. If they do, then we will put the policy in place. If they don’t then we will commission the required searches.
We will at this stage, contact your existing lender, for the redemption statement, i.e. the amount you are required to pay the existing lender for them to discharge their mortgage.
We will then request the funds from the new lender, and put in place pre-completion searches to protect their charge.
Once we receive the funds from the new lender, we will send those to the old lender and redeem the charge.
We will then proceed to register the charge at the Land Registry, and send your new lender a copy of the title information document showing the new charge registered.
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