Remortgaging is not instant. There is a legal process which your Conveyancer must follow. Your Conveyancer is saying to the Bank that your property is good security for the loan.
To ensure this your lender has terms and conditions which must be adhered to and you need to be aware of the conditions set out in your mortgage offer. Read your mortgage offer.
You must comply with the lender's conditions and should help your Conveyancer by providing the necessary documentation to evidence this.
Be PROACTIVE and assist. Your Conveyancer has no personal knowledge of your property.
Provide your buildings insurance, copies of Tenancy Agreements, evidence that credit cards have been repaid, membership of Rent Smart Wales, copies of Planning Permissions & Building Regulations for alterations and so on.
Your remortgage will complete much quicker.
REMORTGAGE GUIDANCE NOTES
While we make every effort to complete your remortgage as soon as possible there are various steps which must be carried out.
1. For every new matter we must send you Client Care & T&C.
2. Please complete, sign & return the Client Care forms to us. These are required for compliance purposes. Please pay us your monies on account & provide your original ID documents & proof of address.
3. Suitable ID includes your original passport or photocard driving licence & original recent utility bill or bank statement. ID can also be verified by another solicitor or regulated IFA or mortgage broker.
4. Your Conveyancer must obtain your deeds & lender(s) redemption figure(s). Your redemption fig confirms how much you owe. To do this we need your lender(s) address and account number or reference
5. We will order office copies from Land Registry. These set out the title to your property. We must also order any lease or historic filed deeds. These could contain onerous conditions. We must review these documents to ensure they are satisfactory. This can take some time. Please be patient.
6. If any title defects are revealed they must be resolved before completion of the remortgage. This will delay your matter.
7. Please provide a copy of your building insurance policy. This MUST cover, as a minimum, the property rebuild value. Please have your lender’s details noted.
8. We must receive a copy of your lender’s valuation. We will review this to ensure there are no alterations which required Planning Permission or Building Regulation Consent (“PLP & BRC”). Lenders do not always provide this to your Conveyancer.
9. Please provide us with all PLP & BRC for your alterations. In some circumstances Indemnity Insurance can be obtained. We will discuss this at the relevant time.
10. Upon receipt of your mortgage offer we will review this, report to you & ask you to sign the mortgage deed. This deed grants the lender a charge over your home.
11. Your property must be owned by the same parties who are borrowers named on the mortgage offer.
12. We must hold search results or No Search Indemnity Insurance. Searches can take a fortnight or longer. Some lenders accept search insurance & in that case Indemnity Insurance will be obtained
13. Hopefully we can now request funds from your lender. Most lenders insist on 3 - 5 working days notice
14. Prior to completion the lender requires us to carry out final searches at Land Registry. As long as these are clear we can proceed to completion.
11. On completion we pay LTT / SDLT (if applicable) and register the remortgage at Land Registry.