GENERAL INFORMATION GUIDANCE NOTES RE-MORTGAGE

Fees and Disbursements

The quote tool under the Quotes tab on the Residential Conveyancing page of our website will give you a bespoke breakdown of fees and disbursements for your individual transaction.

Time frames

The average transaction from receipt of instructions to completion is 4-6 weeks; however, please be aware that every transaction is unique. We offer a bespoke service to accommodate your timescale requirements, but we are very dependent on third parties, including mortgage companies, and (where applicable) management companies.

If your re-mortgage is subject to the following (but not limited to), these will impact the timeframes and will usually mean an additional 4 weeks will be added to the transaction. We will be happy to discuss the individual arrangements if these affect you:

  • Lease
  • Special Conditions regarding low-cost home ownership
  • Shared-ownership
  • Freehold management company
  • Help to Buy mortgage redemption
  • Deeds of Variation

It is therefore vital that you start looking into your mortgage options well in advance of when you need the funds to be drawn down.

The basic conveyancing process

There can be a number of additional requirements for your individual transaction, but the below is a basic outline:

1. Upon receipt of your instructions, we shall send you our initial client care pack and questionnaires for completion and return. We shall also ask for £100 on account of initial disbursements.
2. Upon receipt of your client questionnaire and funds, we shall obtain up to date official copies of your title to check for any restrictions, current mortgages and to ensure that all the information on the title is up to date
3. When the mortgage offer is received, we shall check through the offer together with any requirements of the mortgage company listed in the UK Finance Handbook or BSA Handbook and any comments in the valuation (if provided)
4. If necessary, we shall then put in hand searches; however, most mortgage companies are happy to accept an indemnity policy instead which is often cheaper and quicker
5. If there are any freeholders/management companies, we shall obtain their requirements for notice of the new mortgage
6. We shall then arrange for you to sign your mortgage deed and discuss your completion date requirements
7. We shall obtain redemption figures from existing lender(s) and look to draw down the mortgage funds
8. Upon receipt of the mortgage funds, we shall discharge all existing mortgages and our fees and transfer any balance left into your nominated account
9. We shall then proceed to register your new mortgage at HM Land Registry

The Importance of Initial Questionnaires

We have/will be sending to you several questionnaires for completion and return. The Client Information Form is primarily for you to give us the information that we need to be able to advise you properly. Careful, comprehensive and speedy reply will permit us to be efficient in progressing your sale and enable us to offer the right advice.

Deeds/Mortgages

Speedy return of the forms will enable us to obtain your deeds, assess your current mortgage(s), and assemble the information needed to prepare the contract for sale.

Do please note that

(a) In almost every case when a property is re-mortgages, all mortgages or loans secured against the property must be repaid on completion and
(b) We will only repay secured loans on completion. We will not deal with any debt or loan which is not charged upon the property title.

Insurance

It is very important that you maintain buildings insurance on your property

Freeholders/Management Companies/Managing Agents

If applicable to your transaction, we shall also apply for the registration of your Charge requirements to your freeholder/management company/ managing agent. It is likely that they will charge their own fee for provision of that information which we shall advise you of when we know those details.

If you do pay and service charges and rent at the property you must keep these payments up to date during the course of the transaction otherwise you will be in breach of your obligations.

Registration at HM Land Registry

Following completion of your re-mortgage we shall apply to register the mortgage at the Land Registry. For a straightforward application this usually takes a few months. We shall advise you when this has been completed