Here’s a free and easy to understand guide to the legal process when you want to re-mortgage your home/ property.
If you have decided to change your lender, the funds from your new mortgage will pay off the old mortgage.
We will receive your new mortgage offer from the lender. We will then order and check any property searches that are required and prepare the documents you need to sign.
If you are getting an Equity Release Mortgage, the lender will have their own lawyers with their own detailed procedures that we need to follow. You will still need us to act for you.
Once we are ready we will request the funds from the lender for your new mortgage.
We will also need to get an amount owing figure from your present lender for the mortgage you currently have so that at settlement we can use the money from your new mortgage to pay that off on your behalf. We will then give you any net balance left over.
We will also attend to registering the new mortgage documents and Discharge for your old mortgage (see Discharge of Mortgage on this site) and we will then send you your new updated Title Sheet in due course.
We hope you have found this guide easy to understand and that it will make the process easier for you.