Re-Mortgages

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If you are considering re-mortgaging your property, we hope these steps will guide you to:

  • Secure your new mortgage
  • Instruct your solicitor, providing copies of identification and all relevant planning consents, building regulation consents and competent persons certification for the works. 

Your solicitor will:

  • Open your file and obtain current Land Registry copy entries
  • Request any redemption statements for existing mortgages
  • Access whether search indemnity insurance is acceptable to your new lender and put full searches in hand if not
  • Report to you on the terms of your mortgage offer
  • Write to any occupiers with the occupier's consent for signing
  • Consider the title and report any discrepancies to your lender for confirmation that you may proceed
  • On a leasehold title, contact the landlord/managing agents for their re-mortgage pack which will include statements, building insurance and accounts
  • Once the redemption statements are in, provide you with a full completion statement

You will need to: 

  • Sign your mortgage deed in the presence of a witness and return to your solicitor undated
  • Provide current buildings insurance nothing the new lender's interest
  • Agree a completion date
  • Provide any balance to complete

Your solicitor will: 

  • Agree the completion date with you
  • Obtain a further redemption statement
  • Advise your broker if relevant
  • Request mortgage funds
  • Put completion searches in hand
  • On completion, redeem the existing mortgages and receive funds for the new mortgage
  • Forward any balance to you
  • Complete the mortgage deed
  • For a leasehold property, serve notice on your landlord of the change of lender
  • Arrange for removal of the previous lender's interest from the title
  • Register the interest of the new lender
  • Forward copies of the amended title to you and your new lender

If you would like to know more about re-mortgages, please contact our Residential Property Department on 01279 755777.

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