Skip to main content

Looking to Re-Mortgage? Q&A


What you should consider
When you decide to re-mortgage you will need to have a Solicitor to carry out the legal work involved. Your bank or building society will allow you to choose a Solicitor of your choice. Your choice of Solicitor will influence how quickly and efficiently your transaction is carried out.
How much will it cost?
Our prices start at £250 plus VAT
What do you need to do next?
You will need to make a mortgage application to your chosen bank or building society. We have established links with a number of Independent Financial Advisor's that are available to assist you in finding the right lender for you if you wish.
It is important for you to check how much is outstanding under your current mortgage and whether or not there is any penalty payment if you discharge your mortgage early.  If in doubt please ask your advisor or new lender to check.
Once a suitable lender has been chosen, you will be required to pay a valuation fee to your new lender who will arrange for a surveyor to visit your property, meanwhile the lender will take up financial references. If you are planning an endowment-based mortgage you will make your application for an endowment policy to an insurance company. Your lender or financial adviser will assist you with this. You may choose to use your already existing policy if you have one.
As you make your mortgage application you will be asked to nominate a Solicitor to deal with the legal paperwork. At this stage you should contact us to let us know we are to deal with the matter and to tell us the present whereabouts of your deeds. These will normally be with your existing bank or building society and it is useful if you can give us your mortgage account number.
What we will do to help you?
When you have received your mortgage offer you should return any documents that the lender sends you to sign to the lender immediately. At this stage, we would normally receive the paperwork from the lender. We shall then do the following-:
1. Check the terms and conditions of the mortgage offer to ascertain whether there are any special requirements that need to be complied with. For example, the lender may require certain work to be done to the property before the money can be released.
2. Check your title deeds to make sure they are in order and to enable us to assure your new lender that all the details of the property on the mortgage instructions are correct.
3. Conduct a local search of your property if your new lender requires it. The cost of this search varies from local authority to another.
4. Submit a `report on title' to your new lender to advise if there are any problems with the title deeds or with any of their special conditions.
5. Prepare your mortgage deed and any associated documents that your lender requires you to sign and we arrange for your signature to these.
6. Conduct a Bankruptcy Search for each borrower. This is to satisfy the Lender that you are not bankrupt. A Land Charges Search will also be carried out to ensure that no adverse entries have been made against the property.
7. Ask you what date you would like to complete your re-mortgage and then obtain a redemption figure from your present lender. The redemption figure is the amount that is required to pay your existing mortgage off. We must also redeem any other lending secured on your property.
8. Complete a Certificate on Title and also to request your mortgage advance in sufficient time for completion. You must ensure that your lender or financial adviser has put any new endowment policy "on risk".
9. Register your new mortgage at the Land Registry and finally return your deeds to your new lender after the registration is complete.
For further detail please contact David Pett on 01603877004 or e-mail davidpett@m-j-p.co.uk

Comments

Popular posts from this blog

Party Wall Act Costs - Protecting the building owner from the Highwayman

Introduction
One of the most worrying aspects of entering the Party Wall Act 1996 (Act) arena is the uncertainty surroundingfees, or as they are referred to within the Act -‘costs’.
If you are fortunate enough ( or some might say lucky enough) to have at your side a competent party wall surveyor, and one with a moral compass, the chances are you will derive a certain degree of protection.However, there is still no guarantee you will not need to set aside a considerable sum of money to cover the cost of becoming trapped within the Act.This applies equally to both building owner and adjoining owner, and one must not forget that if an adjoining owner’s surveyor does not recover all of his costs from the building owner, there is every possibility the adjoining owner may be left to meet the remaining liability.
The problem of high, unreasonable and unpredictable costs is caused, in part, by a piece of malfunctioning legislation, and patly as a result of certain unconscionable conduct on the p…

Building Regulations and moving home

Do I have supply evidence of Building Regulation Approval in respect of works carried out to my property when I look to sell my property?
If you have the approval then of course supply it – it will help to ensure your sale moves quickly.
If you have carried out works and approval was required and sought and you no longer have a certificate then call the issuing council and ask for a duplicate.
If you have carried out work, and the work required building regulation approval, but this was not sought then you need to consider with your solicitor when the work was carried out and what to do in response to your buyer’s request for sight of the approval.
The following may help.
Check that work carried out actually required building regulation approval as not all work attracts the requirement.
If the building work was carried out before November 1985 it would not require building regulation approval. There is no need therefore to supply it or offer indemnity insurance.
If work was carried out af…

Do not purchase a New Build Property without first reading this....

Buying a property which has yet to be built, or which is newly constructed should be approached with care and here are some tips which will help:
Remember those friendly and helpful people within the sales offices are sales people and are no different from those people who you would find in car and double-glazing showrooms.  They are paid on results and work under the pressure of targets.   Once they have you signed up they will be your best friend and be in regular, sometimes daily, contact until they have collected all of you money.   There are many instances when this shadowing could be conceived as harassment.At the outset you will be asked about whether you have a mortgage and a solicitor to undertake the legal work.   You will be steered towards making use of the developers preferred brokers and solicitors.  These are ‘partners’ who have been chosen to work with the developer as the developer expects those partners to report to them regularly and to do all they can to ensure the …