In order that your remortgage can provide smoothly there are several steps that must be completed, namely:

1. PRELIMINARIES

2. MORTGAGE OFFER RECEIVED

3. COMPLETION

PRELIMINARIES

1. Title deeds
We will need to obtain your title deeds. They will usually be held as security for your existing mortgage. We will need the name, address and present mortgage account number.
It is usual for your solicitor to act for both you and your new mortgage lender.
Therefore, it is necessary for us to check your title deeds to ensure that your property has a good title and offers good security to your new mortgage lender.

2. Redemption figure
It will be necessary for us to obtain a redemption figure from your existing lender. This will be a calculation of the full amount required to repay that mortgage including any early repayment penalties, discharge fees etc.

3. Searches
It will be necessary for us to undertake all searches required by your new mortgage lender

Some lenders will require indemnity insurance in place of searches to cover them in case a problem arises which would have been apparent if a search had been carried out.



MORTGAGE OFFER RECEIVED

Before you can proceed further you do require a formal mortgage offer from your chosen new lender.
The mortgage offer will be issued once your application and valuation of the property has been accepted and processed by your new lender.
It may be necessary for you to sign and return acceptance forms before they issue a copy to us.
On receipt of the mortgage offer we will send to you a pack of documentation which will include the mortgage deeds for your signature. It will be necessary for you to complete and return the documentation directly to us.

In addition, as we also act for your new lender, it will be necessary for us to comply with all of their requirements and ensure that all the conditions of the mortgage can be satisfied.
On return of the documentation from yourselves and when we are able to satisfy all of the mortgage conditions we can proceed to completion and request mortgage funds from your new lender.
At this time we would also carry out final searches against your property and your name to ensure that your new lender is protected.

COMPLETION
On completion the mortgage funds from your new lender are sent directly to us.
It is then our responsibility to repay your existing mortgage and any other secured charges on your property together with our fees and expenses.
The balance, if any, will then be sent to you.
Following completion we will deal with the change of your mortgage with H.M. Land Registry and then return the title deeds to your new mortgage lender to hold as security during the remainder of your mortgage