How long will it take to complete my transaction?
This is usually the first question which is asked and is difficult to answer as all transactions are different. A usual estimate for a remortgage would be 4-8 weeks. We will do what we can to complete your transaction as quickly as possible.
How do you keep me informed?
We will endeavour to keep you informed at all stages of the progress of your transaction. If at any time you have any queries, please do not hesitate to telephone (01922 665050) or email us (firstname.lastname@example.org).
Why do I have to provide my identification documents?
We are required under Money Laundering Regulations to verify your identity to guard against money laundering and fraud. Where you are purchasing with a mortgage, we are also required to verify identity as part of our instructions. Photo ID such as a passport or driving license is required as a minimum.
When will I receive the balance money from my remortgage?
Money will be transferred on the day of completion from your solicitor.
What happens on completion?
When your solicitor has finalised a completion date you may be asked for relevant funds for fees / costs to complete your mortgage.
Who will pay off my mortgage?
When a completion date is agreed, your solicitor will obtain a redemption statement. Provided there is no shortfall (where the proceeds of a sale/remortgage will not cover the redemption figure) your solicitor will arrange for your exisiting mortgage to be repaid on completion.
When should I stop my direct debit payments for my current mortgage?
You should not stop your direct debit payments until you have been advised that the transaction has completed.
What is a Transfer of Equity?
Sometimes when a property is remortgaged it is also necessary to carry out a "Transfer of Equity". This will be necessary where the names of the registered owners of the property differs from the names on the new mortgage. A Transfer of Equity is merely the process of adding or removing someone's name from the legal title.
hy do people who will occupy the property have to sign an occupier's consent form?
This will usually be a requirement where there is a mortgage and there will be adult occupiers in the property who are not owners. This will be a requirement of your lender as it is possible for occupiers to obtain rights in a property. By signing the consent they are confirming that if you default on the mortgage, they will vacate the property. They may be required to seek independent legal advice before signing the consent.
What happens to my deeds following completion?
Following completion your transaction will be registered at the Land Registry. The Land Registry should keep copies of all necessary documents of title and therefore in the majority of cases anything required for a future sale can be obtained from them.