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Re-mortgages

 Why re-mortgage your property?

 

  • To take advantage of a better/cheaper mortgage product;
  • To release funds that are tied up in your home;
  • To repay another loan which may be at a higher interest rate than your mortgage.

 

Whatever the reason for the re-mortgage, our experienced team will guide you through the process step by step. Our property lawyers specialise in property and nothing else – no debt collection, no wills, no litigation, just property. 

 

We are accredited under the Law Society's Conveyancing Quality Scheme (CQS), the mark of excellence awarded to law firms who meet the highest standards for conveyancing transactions. CQS is designed to introduce consistent quality standards throughout the conveyancing process and accreditation is hard to achieve. The scheme has the support of the Council of Mortgage Lenders, the Building Societies Association and the Association of British Insurers.

 

 

The stages of re-mortgaging your property

 

We will ask you to provide information about your home and existing mortgage.  You wil also need to provide some forms of identity to meet with strict money laundering regulations .

 

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 we will need payment for this search in advance.

 

Following receipt of your new mortgage offer we will carefully check it and advise you about it.  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.

 

Once all the paperwork has been signed, we will make arrangements to complete your re-mortgage and 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 and registered at the Land Registry.  The mortgage lender can enforce the sale of your property if you default on the mortgage (for example if you fail to maintain repayments).

 

What you can expect from us

 

•  A clear step by step explanation of the re-mortgage process

•  Transparency and clarity about our fees and charges

•  Regular updates on progress

•  To be treated fairly, politely and professionally at all times; and

•  Consistent quality at all stages of the process.

 

As a client of Bells you will have access to our client extranet, which means that you can check on the progress of your sale or purchase any time you like, via our website, 24/7.

 

For more information please contact:
Bells Solicitors Limited.   Registered in England and Wales no. 07827988.   Authorised and regulated by the Solicitors Regulation Authority.   SRA number 569030.   VAT registration number 137595285