To help you understand what happens at each step of the way we have created an easy to understand tracker, with the 7 key stages of a conveyancing remortgage case.
Your solicitor will write to you outlining the levels of service you can expect to receive and their terms of business. This will need to be signed and returned along with the enclosed Remortgage Questionnaire, proof of identification and proof of residency. Please ensure that you return these promptly in order to avoid any delays, as we cannot proceed further without the above.
The solicitors will then request your title deeds from your existing lender and also request a redemption statement to find out how much is still owed on your existing mortgage. They will do the same with respect to any other loans you are paying off which are secured on the property.
Once the mortgage offer has been received from your new lender, the solicitors will ensure that it satisfactory and check for any special conditions. They will check the information against that held by the Land Registry. If you are looking to transfer the property from your sole name into joint names or vice versa. This process is known as a Transfer of Equity and will incur additional fees due to the extra workload involved. In some cases it may be necessary to carry out searches against the property. This depends upon the lender.
The Solicitors will forward the mortgage deed to you for signature and also send you the redemption statement for your existing mortgage (and any other loans secured on the property, if applicable).
Once the documentation has been returned to your solicitors, a completion date can be agreed. (It is important to note that most lenders require around one week's notice to release mortgage monies.) At this point, a completion statement will be calculated for you showing a full financial breakdown of all the costs associated with your Remortgage.
On completion day the solicitors will pay off your existing mortgage (and other loans secured on the property, if applicable), collect the legal fees and disbursements, and will forward any remaining money to you. If there is balance due from you, please note that it will not be possible to complete until this has been received in full.
