Remortgaging
Do you want to remortgage your home and you’re unsure of what to expect or how much it will cost?
Our experienced team of lawyers will guide and advice you from start to finish.
There are three stages of remortgaging, these are:
1. Remortgage agreed
We will receive your redemption statement and title deeds from your existing lender to find out the outstanding balance on your mortgage.
2. Offer received
Some lenders may require full searches against the property. Once this has been completed, we will review your mortgage offer and will advise you on any necessary conditions on your new mortgage.
We will send you a mortgage deed and a report for you to sign and return. You will also receive your existing mortgage redemption statement.
If there is any outstanding monies owed, this will be payable at this point. Once we’ve received all relevant documents back from you we can arrange your completion date.
3. On completion
On the agreed date of completion, any legal fees owed will be collected and we will pay off your existing mortgage. As soon as this is complete we will send any remaining money to you.
After this, we will go on to register your new mortgage at the Land Registry Office. As soon as this is completed we will send you a copy of confirmation that your new mortgage has been secured over your property.
Our team will assign you a lawyer who can help and advice you. You will be able to contact your assigned lawyer through phone or email in case you have any questions.
If you would like us to help you remortgage your property, please contact us on 0121 384 4652 for more information.
Timescales
It can normally take four weeks to re-mortgage a property. However please note that it can take longer if there are any complexities such as there is a complexity in the legal title or if your Lender has a special condition in the mortgage offer which requires satisfying. These examples are not exhaustive there can be many other legal issues that can affect the timescales. Please note if you are re-mortgaging a Leasehold property it will take longer please allow an extra 2 to 3 weeks and this type of title to a property is more complicated.
