Conveyancing Guides:- Remortgaging
Remortgaging a property can be a very confusing process, so Expert Conveyancing has designed its very own step by step process to explain your transaction in stages.
We have also included full definitions for some terms which you are able to access by clicking on any term that is underlined.
Step 1
First stage
- After we have been instructed we will request your title deeds from your existing lender and also ask for a redemption statement. This statement will show how much is still owed on your existing mortgage, and will also confirm any other loans you are paying off.
- We will then await your mortgage offer from your lender and check the title documentation to ensure all is correct.
Step 2
After Offer Received
- Expert conveyancing will then check any special instructions from the lender. In some instances it may be necessary to carry out searches on the property (this depends upon the lender). - The next step is that we will forward the mortgage deed to you for you to sign and also send you the redemption statement for your existing mortgage (and, if applicable, any other loans). Following from this, we will agree a completion date with you.
Step 3
Completion
- Once we have received all documentation together with any balance payable (if applicable) we can arrange the completion for you (please note that most lenders require one week's notice).
- On completion day we will pay off your existing mortgage (and other loans if applicable), then collect our legal fees and disbursements. After this we will then forward any remaining funds to you.
- Finally, we will arrange to register the new mortgage at the Land Registry. Once the title is registered we will send the original document to your lender and can also supply a copy to you.