On the face of it, remortgages are fairly simple to deal with but the procedures are very similar to that of purchasing a property in that we are required to check the title at the Land Registry and carry out searches as required by the lender including local authority search and, in fact, do a lot of the work required when dealing with a purchase so that the clients interests are safeguarded at all times.
We will need to obtain a copy of the title and will require details of the current mortgage i.e. lender’s name and address and mortgage account number, together with details of the new lender.
As with all transactions, once the necessary checks are made and the fee earner is satisfied, he/she will inform the client. A redemption figure can then be requested from the existing lender and mortgage monies from the new lender and completion can then take place.
After completion the new mortgage will be registered and the client notified once this has been done.
As with all transactions it will be necessary to attend at these offices to provide proof of identification. This means that the client will need to attend at these offices with an original current Passport and also two up to date (less than three months old) utility bills, bank statements or council tax demand in order for us to comply with the relevant legislation.
It will also be necessary to let us have a note of the clients National Insurance Number as this is required by the Inland Revenue.
Again, at the outset of the transaction a quote will be given showing our fees together with the search fees etc and although our fees will be payable at completion we would request that any search fees be paid at the outset so that the searches can be put in hand as soon as possible. In this way the transaction can be dealt with all due haste.