Remortgaging - An explanation and timescale
What's involved in the legal process and how long is it likely to take?
Timescales
Our panel of Conveyancers aim to complete every remortgage in which they are instructed within one calendar month of an offer of advance. Some more detail of what is involved is below.
Initial documents - Starting the process
If, after accepting our quote, you want us to organise the legal work for your remortgage just reply to our quotation email and tell us to "Go ahead". We will arrange for a group of documents to be posted to you, including an explanation of the process and most importantly, a questionnaire for you to fill in and return.
First tasks
As soon as you return the signed and completed questionnaire the conveyancers will write to your old lender to get your title deeds and if possible check your title at the Land Registry. Note that your lender will probably charge a deeds production fee. If the conveyancers spot any likely problems at that stage they will let you know, otherwise it will then be necessary to wait for your offer of advance.
Investigate title, deal with special conditions, obtain signatures to mortgage deed
Once your offer of advance is received the conveyancers can check the title in greater detail and also in the knowledge of any special requirements or conditions imposed by your lender. The mortgage deed is provided at this stage too and it can be signed in front of an independent adult witness (executed) while there may be other forms to be signed as well - perhaps by adult occupiers or relating to Consumer Credit Act requirements or a formal acceptance of the loan... the list could go on but the important thing is our conveyancers will try to get everything signed at this stage.
Arrange completion
A redemption figure will be obtained from your existing lender(s) and agreed with you and pre-completion searches made. Once the search results have been received and checked monies from your new lender can be used to redeem the mortgage with your existing lender, pay any disbursements and fees, after which the balance may be transferred to you by cheque or TT, (Telegraphic Transfer explained on the
Disbursements page), if you prefer.
Final Administration
The new mortgage will be registered on the title records held with the Land Registry and, if necessary, with any freeholder.
