It is easier to remortgage the same property than when you purchase or sell a property, since there are no delays involved with buying and selling.
Before you begin searching for quotes, have your ID data and evidence of the source of funds ready. You’ll need a photo ID for each person listed on the mortgage deeds, such as a passport and proof of residency, such as a utility bill.
Conveyancing professionals are allowed by law to verify the source of funds that you use to pay down part of your current mortgage. For example, they would need to see a copy of the completion statement and the bank statement whether it was from a property sale, to show it came from the s who dealt with the sale. Cash is not approved, as its source is more difficult to track.
Your Conveyancing professional will look at the deeds they are going to receive from the HM Land Registry. They will look for conditions, such as other parties involved, specifics of the leasehold and fees. Subject to such conditions, your preferred mortgage lender sends their mortgage bid to your Conveyancing professional. For instance, only if there are at least 25 years of lease remaining after the end of the mortgage term can Barclays lend.
The conditions for lenders include searching. Usually, you will only need a local search, but OS1 priority searches must also be carried out by the attorney to avoid attaching further charges and also a bankruptcy review. When the lender’s conditions for the property and the legal owners have been met by the Conveyancing professional, a date will be negotiated for completion. The Conveyancing professional gives the lender a ‘certificate of title’ and requests the lender to give the balance of the remortgage. A Mortgage Broker is always on hand just ask Sam Conveyancing.