Remortgage

Darlingtons provide a highly efficient, fast and competitively priced remortgage conveyancing service. Our team are highly experienced, friendly and fully understand that clients expect a high level of proactive service, full use of technology, ease of use and fast completion.

We hope the following remortgage conveyancing guide is helpful for you.

Introduction & timescales

Our lawyers aim to complete every remortgage in which they are instructed within one calendar month of an offer of advance.

Once instructions are received to proceed your lawyer will:

• request that you provide details of your existing mortgage lender and mortgage account number
• obtain your title deeds and a 'redemption figure' for the current mortgage to check with you
• request details of the new mortgage lender
• ask you to produce your ID (generally original passport or new form driving licence) and proof of address (generally utility bills not more than 3 months old)
• ask for a copy of your buildings insurance policy.
• If leasehold seek information from the freeholders or managing agents
• If leasehold obtain a copy of your lease
• Ask you for funds to commission necessary searches at the Local Authority and other relevant searches
• Consider your mortgage offer when received and act on instructions from your new lender (the conveyance normally acts for both you and your new lender)
• Check the title to your property from the Land Registry
• Ask you to sign and return the new mortgage deed.

Preparing for completion

Once all points above have been satisfactorily dealt with, the conveyance 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 thereafter to be released)
• Re-check the file to ensure everything necessary has been carried out satisfactorily

Indemnity Insurance

It may be possible for your solicitor to arrange Indemnity Insurance as opposed to requesting various searches or possible missing information or documents in relation to your property. These insurance policies cover the risks of adverse search results and are often cheaper and faster than commissioning searches. It is important you appreciate that such insurances may or may not be permitted or acceptable to your new lender, as each lender has it’s own policies, and your conveyance must comply with specific instructions from your lender.

Completion

On the agreed day of completion your solicitor will:

• repay any existing mortgages .
• deduct agreed fees.
• Send any surplus amount electronically to your bank account having obtained your bank details in advance.

Post Completion

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 once received from you.

Please contact us today for an immediate fixed fee quote, either by telephone or by completing our online remortgage conveyancing quote request.