Re - Mortgaging
Re-mortgaging means paying off an existing mortgage and taking out a new mortgage. Property owners may choose to refinance for any number of reasons, including: lower interest rates offer by another lender, to obtain funds for an extension to your current property, or to raise equity for a business or project.
THE STEPS INVOLVED:
1. Your title deeds are currently with the lender that you have a mortgage with. You will need to sign an authority authorising Edward Healy Solicitors to take up your title documents.
2. Once your new lender has formally approved your re-mortgage a Letter of Offer setting out the details of the loan, the amount, repayment term, the interest rate, monthly repayments, conditions etc, is issued to you and a Loan Pack comprising of the mortgage documentation is issued to our office. It is important to read through the Loan Offer in detail and make sure that the rates and term in the loan offer correspond with what you have agreed with your lender. When your Solicitor has checked the Loan Pack and discussed key terms with you, various documents are signed and completed to enable the new lender to proceed with your re-mortgage.
3. The loan offer will include all the particulars of the mortgage such as rates and repayment terms, but will also set out various conditions in relation to life cover and household insurance.
4. If you have made any extension or alterations to the property since your initial mortgage it will be necessary to ensure that all the correct planning documents are in place for the re mortgage.
5. Your solicitor will review the documents received from your lender and you will attend at your solicitors’ office to sign the documents. Your solicitor will complete and send the documents to your lender in order to request funds.
6. Your solicitor will request redemption figures from your old bank as your previous mortgage will need to be redeemed/discharged from the funds received from your new mortgage.
7. Your solicitor on receipt of the funds will complete the statement of account and the funds will be released to you (if there are funds after the redemption of the old mortgage)
8. Your solicitor will discharge the old mortgage and register the new mortgage as a charge or burden against the relevant property, and return the title deeds to the new lender.
If you need a professional and reliable solicitor then contact the team at Edward Healy Solicitors LLP today