Re-mortgaging a property
Collins Solicitors provide a speedy, efficient and a stress free remortgaging service. Our team is friendly as well as experienced and we offer a high level of proactive service, full use of technology and fast completion.
On instruction to proceed we will ask for details of your existing and new mortgage lender and obtain your title deeds and a 'redemption figure'. We will also ask you to produce your ID and a copy of your buildings insurance policy. If the property is leasehold we’ll get all relevant information from the freeholders or managing agents and obtain a copy of your lease.
You will be asked for funds to commission necessary searches at the Local Authority and other relevant searches. We will consider your mortgage offer when received and act on instructions from your new lender. We will additionally check the title to your property from the Land Registry and ask you to sign and return the new mortgage deed. Once all of this has been dealt with satisfactorily, we will:
- Prepare a Financial Completion Statement for your approval, detailing all payments made or to be made and all receipts
- Report to your lender and request release of the Remortgage Advance, which can take a few days to be released.
- Re-check the file to ensure everything necessary has been carried out satisfactorily
On the agreed day of completion we will:
- Repay any existing mortgages.
- Deduct agreed fees.
- Send any surplus amount electronically to your bank account.
- Following completion of your transaction your lawyer will register the change of lender at the Land Registry and a copy of the updated Land Registry Title will be sent to both you and the new lender.
