Remortgage

Remortgaging happens when you change the current mortgage on your property by moving to a new lender. If this is something you are considering, our experienced and friendly team are here to help.

Our experts work efficiently, liaising with banks and other mortgage lenders to make your remortgage as simple and stress-free as possible.

What are the reasons for a remortgage?
Our clients are usually remortgaging to secure a better deal with a lender, raise funds for a specific purpose such as home improvements, or both.

What are the stages of a remortgaging?
Remortgaging is fairly straightforward and can usually be completed quickly.

Once you have decided to remortgage and applied to a lender for a mortgage, the process usually follows these stages.

1. First, we will take details such as your name and address in order to create your file. We will then send you our client care pack with a questionnaire to complete and return to us.
2. You will be asked to provide money on account for third party expenses such as a copy of your title from Land Registry and proof of your identity and address.
3. We will download a copy of the Title to your property from the Land Registry and carry out a title check to confirm key information. At this stage if we find discrepancies with your name or names on the title we will ask for clarification or documentation to rectify the situation. We may also come across second charges, notices or restrictions which need dealing with before we can complete your remortgage.
4. Your lender will send us a copy of your Mortgage Offer. Once this is received we will confirm the name(s) and address detailed against those on the Instructions and confirm if the bank requires any further checks to be made by us before the loan can be released. You must check the offer to ensure that the details are correct and whether there are any conditions the lender requires you to deal with.
5. We will send you a mortgage deed to sign and return to us.
6. Once all the title queries and lenders conditions have been dealt with and we have received your signed Mortgage Deed and completed Questionnaire we will discuss a completion date with you.
7. Once a completion date has been set we will:
   1. Request the advance from the new lender
   2. Request final searches to check no other entries or applications have been made against your property since we obtained copies of the title.
   3. Request a final redemption or ‘closing’ statement from your existing lender
   4. Send you a completion statement setting out any balance due to you or any shortfall required
8. On the day of completion we will receive the mortgage advance from the lender and repay your old lender. Any surplus funds will be sent to you by cheque or CHAPS payment, depending on the instructions you provide in your questionnaire.
9. After completion we will apply to the Land Registry to have the old charge removed and the new one added to the Title to your property.
   Sometimes, extra work is required alongside a remortgage, if we discover this to be the case, we will inform you of this as soon as we can, discuss the options and explain any additional fees involved.

Why might my remortgage take longer?

Although the process of remortgaging is straightforward, occasionally there are situations which can complicate and delay matters, for example:

• The title might be in a different name to those on the new mortgage offer and a transfer of equity might be required.
• Original Help to Buy Mortgage may need repaying which involves additional work
• Special conditions imposed by the lender, such as essential work, must be complied with.
• Problems with the property title such as missing documents, inaccurate plan, defective lease, breach of covenants or lack of necessary planning permissions or building regulations.
• The property being leasehold, which requires information to be collected from third parties.
• Adverse search results which result in further investigations.

Should any of these issues arise it’s important that you have a conveyancer that will keep you informed and help find solutions to progress your remortgage.