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Our main stages of the Remortgage process and timescales are set out as below:
Stages of the process
The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below are the standard steps we take throughout an average conveyancing matter:
Take your instructions and give you initial advice
- Request title deeds and redemption statement from your existing lender
- Obtain Official Copies for your property (electronic deeds)
- If we did not purchase the property for you initially, we will check the Official Copies and the title to ensure these are correct
- Enquiries – if yor property is held Leasehold, we may need to raise enquiries with teh Landlord/ Managing Agent to make sure service charges, ground rent and other items are up to date
- Searches – Some lenders do not require local searches to be obtained. If they do not, a ‘No Search indemnity insurance’ may have to be taken out
- Checking Mortgage offer - once received form your new Lender
- We will request the final redemption figure from your existing lender
- Carry out any final searches – including a required bankruptcy on each borrower
- Request the mortgage advance from your new lender
- Completion – monies transferred between us and the existing and new lenders.
Following your remortgage there are a few other items we deal with on your behalf. These are called Post Completion tasks and primarily include:
- Registration - we will deal with he registration of your property after the matter has completed
For an average Freehold property remortgage, the time it will take from your initial instructions to completion is usually between 4 - 8 weeks**.
For a leasehold property, as there will be more work involved in dealing with third parties, this can take longer but on average takes around 10 - 12 weeks**.
There are a number of factors which can affect the time taken to complete your remortgage including things such as:
- Delays from your existing mortgage lender in sending redemption statements
- Delays from your new mortgage lender in providing the mortgage offer (remember a mortgage in principle is not a mortgage offer.
**As with all Conveyancing solicitors, we have experienced a substantial surge in demand during a time when we have reduced workforces due to isolation rules and increased numbers of staff social distancing and working from home. This pressure on the property market is resulting in delays in all aspects of the conveyancing transaction i.e. obtaining mortgage valuations, surveyor reports, search results etc. Consequently the process of buying a house is taking an average of over four months to reach completion. We accept no responsibility for delay caused by third parties and we provide no assurance or guarantee that your purchase will complete within the stamp duty holiday.
Our online quote generator assumes the following:
This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
This is the assignment of an existing lease and is not the grant of a new lease
The transaction is concluded in a timely manner and no unforeseen complication arise
All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
If you decide to move forward with the quote given, a member of the team will contact you to review the quote and advise if there are any other costs which may occur so you can make an informed decision. We will also answer any questions you may have about our conveyancing process. This will of course be under a no-obligation basis.