This
section outlines the general steps involved in re-mortgaging
your home.
Before considering any property you need to carefully budget.
This entails calculating the funds at your disposal either
on deposit or cash, estimating the value of your equity in
your existing house, if applicable, getting a quote from a
Solicitor of the costs involved in purchasing and finally
establishing the level of loan for which you will qualify
for with your Bank/Building Society.
When you have chosen your Solicitor you should confirm your
information (you can obtain this document from this website
under "Forms") and return the Authority to take
up your Title Deeds and completed Questionnaire.
On receipt of your written Authority (see 2 above) your Solicitor will take up your Title Deeds from your Bank/Building Society. This takes approximately two weeks and at this stage your Solicitor will pay a scheduling fee to your Bank/Building Society on your behalf.
Once your new Bank/Building Society has formally approved your loan in writing on the basis of the value of the house and information furnished by you, a formal loan pack is issued. Normally a Letter of Offer setting out the main details of the loan is issued to you and the Loan Pack comprising Mortgage Documentation, Acceptance of Letter of Offer and Assignment etc., is issued to your Solicitor.
When your Solicitor has checked the Loan Pack and discussed key terms with you, various documents are signed and completed to enable the Bank/Building Society proceed.
Your Solicitor obtains redemption figures being the amount required to redeem you existing loan calculated to the scheduled completion date.
Loan cheque is received.
Your old loan(s) is/are paid off from the loan cheque.
Your Solicitor will account to you for the balance immediately following completion of paying off your mortgage. Usually your Solicitor will deduct the cost of re-mortgage from the balance left over after redeeming your old loan.
Following signing by you of the Mortgage Document your Solicitor will proceed to stamp the Mortgage and then register same by lodging the Title Documents in the Land Registry/Registry of Deeds. Registration can take months, if not years, depending on the County and type of property involved.
Your Solicitor, on completion of registration, returns your Title Deeds, to your Building Society together with a Certificate confirming that you have a good marketable Title. Usually, you will be notified that registration has completed and the Title Deeds have been returned. At this stage your Solicitor closes off your file.
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