Guide to Re-mortgage Conveyancing by John P HAGAN Solicitors Portadown
We have a wealth of knowledge in re-mortgage transactions and always ensure that the process takes place quickly and without complication.
Why re-mortgage your property?
* Changing a mortgage product
* To release funds that are tied up in your home
* To repay an alternative loan which may be on a higher interest rate than your mortgage
Whatever the reason for the re-mortgage, we will guide you through the process with ease and certainty.
The stages of re-mortgaging your property
Initial instructions
* Initial instructions will be obtained from you about the re-mortgage. You will be required to supply original forms of identity to meet with strict money laundering precautions and to provide basic details about your home.
* If you have a mortgage secured on the property, you will be requested to provide details of your existing mortgage company and account number.
* We will contact your existing mortgage company and obtain a statement from them showing how much is outstanding on your existing mortgage, also known as a ‘redemption statement’.
* It will be necessary for you to notify your new mortgage company that we will be acting on your behalf in the re-mortgage transaction. Your new mortgage company will then forward all necessary paperwork to us.
* A local search will generally be required on your property prior to the re-mortgage and payment for this search will be needed from you in advance.
Receipt of your new mortgage offer
* We will carefully check your mortgage offer. The obligations contained in mortgage offers differ between mortgage lenders.
* You will be asked to sign the mortgage deed once all the mortgage conditions have been satisfied.
* You will need to supply us with a copy of your buildings insurance schedule.
Completion
* Once all paperwork has been signed, we will make arrangements to complete your re-mortgage.
* We will apply for your new mortgage funds. Using these funds, we will pay off your existing mortgage(s). Any balance remaining will be forwarded to you. If there is a shortfall, this must be paid by you prior to completion taking place.
* The mortgage will then be secured on the property in favour of the mortgage lender at the Land Registry. The mortgage lender can enforce the sale of your property if you default on the mortgage (for example failure to pay).
John P Hagan / JPHLAW Solicitors offer a full range of legal services including Conveyancing Tax Commercial Criminal Family Law Divorce Wills Probate Immigration Notary Public from offices in Portadown serving all of County Armagh and Belfast
For more information visit our offices or telephone 028 38333333
Our website is www.jphlaw.co.uk
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