Remortgaging Your Property
Our Solicitors at Tollers have a vast amount of experience acting for clients in the remortgage of their properties, whether taking a mortgage over an un-mortgaged property or remortgaging an already mortgaged property.
Most mortgage lenders will offer a fixed interest rate period of up to 5 years and it is important that you consider remortgaging your property at the end of the fixed rate period to take advantage of any special deals provided by other mortgage lenders.
Most lenders will require you to pay an early redemption penalty if you redeem your existing mortgage within the fixed rate period so it is important that you take this into consideration if you decide to remortgage your property during a fixed rate period.
Remortgage Process
Once you have instructed Tollers to act on your behalf your mortgage lender will provide Tollers with a copy of the mortgage offer, this will differ slightly in the copy of the offer sent to you and may contain conditions that Tollers are required to advise you or the lender on, it will also contain the Mortgage Deed and the Certificate that we are required to submit to the lender requesting the mortgage monies.
We will obtain a copy of the legal title to ensure there is nothing contained in the title that may have an impact on the lenders security, for instance a lack of right of way or arduous restrictive covenants.
If there is a mortgage already registered against the property Tollers will apply for a redemption figure from the existing lender to ensure that sufficient funds are being borrowed from the new lender to redeem the existing mortgage.
We will provide you with a draft completion statement as soon as we receive the redemption figure and the mortgage offer.
It may also be necessary to apply for and obtain the result of a Local Search prior to completion of the new mortgage, again, this is to ensure there is nothing contained within the result of the Local Search that may impact on the lenders security, for instance a roadway serving the property that has not been adopted by the Local Authority.
As your remortgage solicitor, Tollers will need to report any such matters to the mortgage lender and obtain their consent to proceed prior to draw down of funds.
Once all conditions in the mortgage offer have been satisfied, Tollers will provide a report on the mortgage offer and notify you of any matters that you need to be aware of, we will also send the Mortgage Deed to you for signature. You will need an independent, unrelated adult witness to your signature on the Mortgage Deed.
When the Mortgage Deed has been signed, we will then submit the Certificate to the lender requesting the mortgage advance, this is called ‘draw down of funds’. Please note that most lenders will require up to 7 working days to draw down the funds, we will also obtain an up to date redemption figure.
Prior to drawn down of funds the completion date will be agreed with you and on the day of completion we will receive the mortgage advance from the lender, redeem any registered charge and forward the balance (if any) to you.
We will keep you updated throughout the process and a member of Tollers Conveyancing team will be on hand for any queries that may arise during the transaction.
Talk to Tollers
Our remortgage solicitors can assist with the legal requirements as the mortgage lender will often require you to obtain independent legal advice and appoint a remortgage Solicitor to act on behalf of you and the mortgage lender, they will also require a Solicitor to certify the legal title and register their mortgage over legal title to provide them with the security they require. We will provide you with a competitive quote and our instruction pack and we will also verify your identity to comply with the Land Registry’s strict identification requirements to prevent property fraud. For more information, get in touch with one of our team of experts today.
