Step-by-Step Guide to Remortgaging

The legal process for switching a mortgage or a re-mortgage is straightforward but does require the services of a Solicitor.

Once you have identi ed the best value mortgage either by using a broker or approaching the banks directly you are obliged to complete the loan application form and return it with the supporting documentation e.g. bank statements / pay-slips / id etc.

This is the reason why so many people give up. However, once you are approved, the hard work is done and you can save thousands.

As part of the loan application, you have to identify your Solic- itor. At this point, you should ask your Solicitor to start working on your behalf. Your Solicitor should do the following:

1.  Provide you with an estimate of the costs;
2.  Send you an authority to take up the Title Documents from the current lender; The Solicitor will need to know the fol- lowing to prepare that authority:
   • Name and addresses of mortgage holders;
   • Name of the current lender;
   • Mortgage account number;

3.  When the loan is approved, the loan offer will be sent directly to the Solicitor with a loan pack.
4.  Complete the documentation and request that you call into the office to sign the documentation:
   • Accept the loan offer;
   • Authority to act on behalf of the bank to put the mortgage in place;
   • Mortgage document(s);
   • Family Home Declarations;
   • Assignment of the life policy;
5.  Comply with any special conditions in the loan offer;

6. The Solicitor then carries out searches against the proper- ty, arranges to draw down the new mortgage and pay off the old mortgage;

7. Prepare a statement of account and pay any surplus funds to you;

9. Send the Title Documents to the bank to be held until the mortgage has been paid off.

8. Register the vacate (discharge) of the old mortgage and record the new mortgage in the Land Registry or Registry of Deeds;