Remortgage
Remortgage
Remortgaging is when you transfer your existing mortgage to a new mortgage product with the same or different lender.
Chris Stevenson Solicitors’ experienced and dedicated team can advise you when re-mortgaging your property.
People remortgage their property for a variety of reasons which can include:
- To add or remove an existing borrower on a mortgage;
- To release equity and free up money that is linked to the value of your property;
- To transfer your current mortgage to a better product;
- To enable the Mortgage to be paid off sooner.
Remortgage FAQs
How does the remortgage process work?
Once you have received your agreement in principle and choose to proceed, you will be required to notify your Lender that Chris Stevenson Solicitors are instructed as your appointed solicitors
Following receipt of your instructions, we will review the Property’s title documents. If there is currently a mortgage, we will obtain redemption figures from the existing lender in order to establish the sum that will be required to be paid off upon completion of the remortgage.
Once the above has been actioned, we will request that your new mortgage lender sends the mortgage funds to us and your our existing mortgage will be repaid on the set completion date.
Following completion of the remortgage, we will register the new mortgage with the Land Registry. Once the Land Registry have processed the application, we will send to you the updated title documentation.
How long does a remortgage take?
This depends on the reason for remortgaging and how quickly your lender can issue you with a mortgage offer. Please inform your conveyancer of any timeframes at the beginning of your transaction.
If you would like more information in relation to remortgages, please do not hesitate to contact our team on 01302 341243 or conveyancing@chris-stevenson.co.uk.
Selling a house?
If you have accepted an offer on your property you should notify the Estate Agent of our involvement. The estate agent will then contact us to confirm your sale.
We shall request that you provide us with Identity documents, including a photographic ID (Passport/Driving Licence) and a utility bill confirming your address.
We shall immediately inform the buyer’s Solicitors that you have instructed us so that we can get your house sold.
We will send you a Property Information Form to complete which provides the purchaser with information about the property.
We will send you a Fittings and Contents Form for you to complete so that you can decide what stays and what goes.
We shall prepare the Contract and deal with any enquiries raised by the Buyers.
Each transaction is of course different and depends on whether you are part of a chain.
A usual transaction involving a mortgage will take approximately 8-12 weeks. We will do all that we can to complete a transaction as quickly as possible so we can get your house sold.
We shall agree a completion date with the Seller’s Solicitors.
An Exchange occurs when the Solicitors for each party agree to date the Contract documentation. The transaction shall become legally binding upon exchange of contracts.
Once your sale completes any outstanding mortgage should be paid off.
Upon receipt of monies from the Buyers Solicitor the completion is effective and you have sold your house.
We will notify the Estate Agents of the completion and confirm the release of keys to the Buyers.
We shall arrange for your mortgage to be redeemed (paid off)
Any oustanding monies will then be paid to you by your preferred method.
Buying a house?
If your offer on a property has been accepted you should give the Estate Agent our contact details. They will then contact us confirming your purchase. If your purchase is a private purchase (no estate agent) then contact us directly so we can get you moving.
We shall request that you provide us with Identity documents, including a photographic ID (Passport/Driving Licence) and a utility bill confirming your address.
We shall immediately inform the Seller’s Solicitors that you have instructed us so that we can get you moving.
Each transaction is of course different and depends on whether you are part of a chain.
A simple transaction involving a mortgage will take approximately 8-12 weeks. We will do all that we can to get you moving as quickly as possible.
Searches give us details about issues that may affect your new home or the local area.
Where you are purchasing with a mortgage we are required to carry our pre-contract searches. The minimum searches we would recommend are Local Authority, Mining and Water/Draining searches.
The deposit amount that is agreed is payable on exchange of contracts.
Prior to exchange we shall report to you on our findings and request deposit monies. We shall also agree a completion date for you to move into your new home.
An Exchange occurs when the Solicitors for each party agree to date the Contract documentation. The transaction shall become legally binding upon exchange of contracts so you can set your moving date.
We shall prepare your financial statement (completion statement) and advise if any additional monies are required from you in readiness for completion.
We shall request monies from the mortgage lender.
