:: Remortgaging / Remortgage your House ::
Having the correct information from the beginning is vital to a fast and efficient remortgage of your new property so the first thing we need to do is get basic information from you.
We will send you a guide to the remortgage transaction, our client care letter and some forms to fill in these will consist of:
- Basic client details and confirmation of instructions (this form will also deal with our requirements under the money laundering regulations where we have to verify your identity)
- Details of searches, joint ownership, surveys and insurance
- Detailed quotation of our fee and disbursements payable together with the amount of money we require from you to undertake the necessary searches from our Manchester offices.
1. We will then write to your existing lender and obtain any title deeds they hold, obtain their requirements for the redeeming of the existing mortgage and obtain details of your title from the land registry.
2. When your mortgage has been approved we will be sent a copy of your mortgage offer and instructions from the lender as to their general requirements and any specific conditions applicable to your remortgage (for the Remortgage of your house). We will discuss with you any special conditions attachded to your new mortgage offer.
3. Searches - We will on receipt of cleared funds from you undertake all necessary searches. The exact searches depends on your requirements, those of any lender you may have funding the purchase and the location of the property.
4. Insurance – you will need building insurance this is often arranged by your lender but if not you will need to arrange this and confirm it to us in writing before we can complete the remortgage. You should also have insurance to cover the mortgage debt in the event of death and insurance to cover your mortgage payments in the event of illness or unemployment. Our Guide to the Remortgage Transaction gives more details of this.
5. When we have clear searches we will then report to the lender and ask for the new funds. We will prepare a completion statement and inform you of any monies (if any) we require from you to complete the remortgage.
6. At completion we will pay off the old mortgage and all costs and remit to you any surplus funds. We will then attend to the registration of your new mortgage at the Land Registry (this is the final stage of the remortgage of your house).
