Re-Mortgaging - Residential Property in England & Wales
Instruction
Once you have decided that you wish to re-mortgage your property and have found a lender (and an appropriate product), the first step is to instruct us.
Once we have been instructed, we will provide you with an engagement pack, including terms of business. This will include details of what your anticipated costs and disbursements. You will also be asked to complete a number of forms and/or questionnaires in respect of the property.
It is at this stage that you will be asked to provide evidence of your identity and proof of address.
If you are re-mortgaging a leasehold property, you will also be asked to provide the details of the Landlord and/or Management Company.
If the property is tenanted, you will be asked to provide a copy of that agreement together with evidence of your compliance with the relevant legislation.
Due Diligence
Once the mortgage offer has been received, we will start by reviewing the title documentation in respect of the property and the various documents you completed in Step One.
Depending on the lender’s requirements, it may be necessary to obtain property searches (Local Authority Search, Drainage & Water Search, Environmental Search and a Chancel Check). If leasehold, it is also at this stage that a management pack (LPE1) will be requested from the Landlord and/or Management Company.
We will then raise any initial enquiries that may be needed of you based on the lender’s requirements (these are often specific to the individual lender). If the lender is having the property surveyed, we will request a copy of the same.
It is also at this stage that we will request a redemption statement in respect of your existing mortgage, if any. Depending on whether property searches are required, from the issue of the mortgage offer, it is usually around 2-3 weeks until the re-mortgage completes (thought it can be longer if the property is leaseholder).
Request Funds
Once we are satisfied that everything is in order, we will report to you on the terms of the mortgage and any ancillary financial document and you will be invited in to sign the Mortgage Deed or Legal Charge.
We will then set a completion date (usually 1-2 weeks after this point, depending on the new lender’s requirements), request the funds from your new lender and a final redemption figure from your existing lender, if any.
Completion
This is the final step in re-mortgaging a property.
It is at this stage that we will receive the funds from your new lender and, if necessary, redeem your existing mortgage and thereafter transfer any balance to you.
Post Completion
Once the sale has completed, you will then need to file and pay any Capital Gains Tax, if applicable and the Buyer’s Solicitor or Conveyancer will file an application with HM Land Registry to transfer the title from your name into those of the Buyer(S).
If you are selling the property without the assistance of an estate agent, you will be asked to obtain an Energy Performance Certificate for the property (as, unless exempt, it is unlawful to sell a property without an Energy Performance Certificate).
Our fees cover all the work required to complete the re-mortgage of a residential property
Fees are variable and depend on the property’s value.
Our fees cover all the work required to complete the re-mortgage of a residential property
Fees are variable and depend on the property’s value.