Re-Mortgaging

TITLE DEEDS

First we will need to obtain the deeds to your house. If you have a mortgage on your house the deeds may be held by your lender. We will need your mortgage account number to request the deeds. It may be that your lender only holds a copy of the register and that you have all the other deeds and documents. If so please arrange to let us have these as soon as possible.
We will obtain copies of the up to date register from the Land Registry as evidence of your ownership of the property.

SEARCHES

For the fees quoted in advance we carry out the initial searches you need which include:

• Local Search – this reveals important information about the property covering everything from compulsory purchase orders and financial charges affecting the property through to maintenance of roads and planning matters.
• Drainage Search – this reveals whether or not the property is connected to mains drainage and water (along with the routes of any pipes) and whether the connections are metered.
• Environmental Search – this reveals a number of issues including whether the property is built on or near contaminated land or in an area at risk of flooding.
• Chancel Search – this reveals whether the property you are buying has a heavy legal obligation to contribute to the upkeep of a church in the area

More often that not your new lender will agree to make the mortgage advance without the above searches. In such cases, the mortgage provider is likely to require an insurance policy to protect them against anything that would have been revealed by the searches. You will need to pay a one-off cost for this insurance, which is typically a lot less then the cost of the searches themselves.

CHECK YOUR MORTGAGE OFFER

We receive a copy of the mortgage offer at the same time as you receive yours. We will deal with any special conditions raised and will advise you and your lender of anything you should be aware of.  When we have checked your mortgage offer we will send the Mortgage Deed for your signature and return. By getting this signed and witnessed we can be sure we are ready to complete your re-mortgage promptly.

We must have a properly signed and witnessed mortgage deed in our possession before completion – if we do not have this we cannot complete.

BEFORE COMPLETION

We will ask your current lender for the amount needed to repay the existing loan on the day of completion. We will also request repayment figures for any additional loans secured on the property.  When all the figures are available we will prepare a completion statement for your information and check where you want the balance of the re-mortgage proceeds to be paid.

We will then send a Certificate of Title to your lender requesting the mortgage funds. The Certificate confirms we have carried out a full investigation of the property and that the property is acceptable as security for their loan.

COMPLETION

Your new lender will send us the mortgage advance in time for completion.  On the day of completion, with your approval, we will pay off any mortgages or loans secured against the property and deduct our fees. We will then give you a full breakdown and forward any balance due to you either by cheque, or for a small fee, direct to your bank account.

AFTER COMPLETION

Once completion has taken place we will submit an application to the Land Registry to register your new mortgage.  Following completion of the registration at the Land Registry the title deeds will be forwarded to the new lender and we will forward a copy of the register to you for information.

You should make sure that any standing orders or direct debits paid in respect of the old mortgage are cancelled.