RE-MORTGAGES
Why use me?
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I carry a Mirco-case load - this means I only take on a small number of matters at any one time, enabling me to work to your own timescales and working patterns.
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Need a 8am Saturday appointment? No problem.
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Don't live in Cumbria?, No problem, I am work with people all over the UK.
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Scared of legal jargon? Although this can't always be avoided, I will always make sure you 100% are happy and confident in anything before you sign!
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I'm fully regulated and insured.
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I've worked in Conveyancing for over 20 years, I've helped thousands of people move & have thousands of happy clients.
What does the re-mortgage process involve?
The first stage in the Conveyancing process is your initial consultation & you formally instructing your Conveyancer. There are several steps for you to take, such as filing in initial forms, providing ID, providing funds for your searches (if your lender requires these) etc. You should receive a welcome pack (sometimes referred to a client care letter) which will detail everything. This is the due diligence your Conveyancer is required to carry out. The sooner you action these, the sooner your matter can progress. Once this is received there are a few steps below for your Conveyancer to undertake:
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Obtain your title deeds and initial redemption statements.
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Obtain a copy of your new mortgage offer and deal with any lender specific requirements. At this stage we will know if your lender requires us to carry out full searches or if we are able to proceed without these.
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Report to you with details of the title deeds (and any issues that need addressing, your mortgage, search results (if required)
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Arrange potential completion (the day your mortgage lender changes)
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Prepare the completion statements this will involve getting a final settlement figure and will detail the funds due to back you.
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Request payment of the mortgage advance from your lender. There are various other steps for your lawyer to undertake at this stage (such as final file checks, pre-completion searches) these need to be completed before the next step.
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Completion takes place
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Paying off your old mortgage, sending you any balance funds. The title deeds are sent to the Land Registry and can take several weeks to update the change of mortgage company.
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Proving you and your lender with the updated title deeds.
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File closing and retaining in storage.
What are some tips you can give me?
Firstly, although you need a Conveyancer for a re-mortgage some mortgage companies will offer to pay the cost of the legal fees if you use their own solicitors. These are referred to as “free legals”. These can either be via their own inhouse solicitors or outsourced to an independent firm. It is always worth checking the small print and what is covered in the “free legals” before you commit.
Try and have as much information as possible for your Conveyancer. If you can provide details of your current mortgage and account numbers at the onset this can greatly increase the speed in which your mortgage can progress. If you are aware of issues that arose at the time of your purchase, let your Conveyancer know about these.
It’s a good idea to have an agreement in principle before you start your process as this can greatly increase the speed in which your actual mortgage offer can be produced. Many lenders have long processing times due to the current number of mortgage applications.
Don’t be afraid to ask questions. For many of you this will be the 1st time you have some across some of the legal terminology we are required to use. You will have questions so please ask away!
Most importantly, you need to use a Conveyancer you feel you can trust. Speak to friends and family and do your re-search.