If you are looking to change your mortgage lender or if you are looking to raise funds by taking out a new mortgage over your property then this is known as a re-mortgage.

Whatever your reasons for a re-mortgage, we at Charles & Co. understand and appreciate the need to complete your matter as quickly and smoothly as possible.

Similar to a sale or purchase, upon receiving your instructions to act we will write to you introduce you to our firm, the solicitor personally dealing with your re-mortgage and to confirm our costs and the likely disbursements.

We will also request from you a variety of details and documents including some personal identification, the title deeds (or their whereabouts), details of any existing lender(s) or other parties who may have an interest over the property and whether you have any special requirements (i.e. a preferred completion date).

As soon as we receive your new mortgage offer we will need to check and approve the title to the property on behalf of your new lender. Approving the title may require us to carry out searches (for example a Local Authority Search) despite the fact that you may have lived at the property for many years. This is because your new lender needs to satisfy itself that its interest will be adequately safeguarded.

However, some lenders are dispensing with the requirement to carry out searches and are instead either allowing us to obtain suitable indemnity insurance or to take out their own indemnity insurance. Whether or not searches are required depends upon who your new lender is as each lender has their own requirements.

Once we have approved the title we will report to you on your new mortgage offer. If we have carried out any searches then we will also report to you on these.

If you are ready to proceed you will be asked to sign the Mortgage Deed in anticipation of completion.

Prior to completion you will need to ensure that any conditions of your new mortgage have been satisfied so that the lender agrees to release the mortgage funds to us on the day of completion. These conditions can include, for example, the need for you to provide acceptable Buildings Insurance details.

Upon completion we will pay off any existing mortgage and our fees from the mortgage funds and we will pay over to you any net balance remaining.

Following completion we will apply to take off the interest of the previous lender and to register the interest of your new lender at the Land Registry.

Once registration has been completed the Land Registry will issue a Title Information Document which will confirm the interest of your new lender.

To find out more or to request a competitive fixed fee quotation for your conveyancing matter contact Ranjit Tiwana via email or telephone.

Additional Information

Buying a Home
Selling a Home
Transfer of Equity / Ownership