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Re-Mortgaging
Williamsons Solicitors
have a wealth of knowledge in re-mortgage transactions. We will ensure
that when re-mortgaging your home, the process takes place quickly and
without complication.
You may wish to re-mortgage your property for a variety of reasons, including changing a
mortgage product (for example to obtain a new fixed rate of interest),
to release funds that are tied up in your home (for example in order to
renovate your property) or to repay an alternative loan which may be on
a higher interest rate then your mortgage. Whatever the reason for the
re-mortgage, Williamsons Solicitors will guide you through the three
stage process with ease and certainty.
Stage 1: Initial Instructions
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Initial instructions will
be obtained from you about the re-mortgage. You will be required to
supply original forms of identity to meet with strict money
laundering precautions and asked to provide basic details about your
home.
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If you have a mortgage
secured on the property, you will be requested to provide details of
your existing mortgage company and account number.
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We will contact your
existing mortgage company and obtain a statement from them showing
how much is outstanding on your existing mortgage, also known as a
‘redemption statement’.
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It will be necessary for
you to notify your new mortgage company that Williamsons Solicitors
will be acting on your behalf in the re-mortgage transaction. Your
new mortgage company will then forward all necessary paperwork to
us.
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A local search will
generally be required on your property prior to the re-mortgage and
payment for this search will be needed from you in advance.
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Stage 2: Receipt of your new mortgage offer
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Williamsons Solicitors
will carefully check your mortgage offer. The obligations contained
in mortgage offers differ between mortgage lenders.
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You will be asked to sign
the mortgage deed once all the mortgage conditions have been
satisfied.
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You will need to supply us
with a copy of your buildings insurance schedule.
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Stage
3: Completion
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Once all paperwork has
been signed, Williamsons Solicitors will make arrangements to
complete your re-mortgage.
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We will apply for your new
mortgage funds. Using these funds, Williamsons Solicitors will pay
off your existing mortgage(s). Any balance remaining will be
forwarded to you. If there is a shortfall, this must be paid by you
prior to completion taking place.
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The mortgage will then be
secured on the property in favour of the mortgage lender at the Land
Registry. The mortgage lender can enforce the sale of your property
if you default on the mortgage (for example failure to pay).
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