The following table explains the role of your solicitor at each stage of remortgaging your home. We hope this helps you to understand the process, and how our expert lawyers can support you at every step of the way.
You need to …
| Your solicitor will … | Your lender will … |
Search the market for the best deals, choose a lender and provide proof of identity.
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| Verify your identity. |
Instruct our solicitors to handle the legal work.
Provide proof of your identity.
Provide details of your current lender and proposed new lender.
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Verify your identity. |
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Organise an independent valuation of your property.
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| Issue a Mortgage in Principle document.
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| Explain to you all the terms of the proposed new mortgage to you.
Highlight any issue that might cause you problems or incur increased liability. |
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Send a valuation to the lender. |
| Issue formal offer of mortgage. |
Ensure all current payments are up to date regarding mortgage, service charges, ground rent etc. |
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| Carry out a series of legal checks on behalf of the lender to assure them that everything is in order, including local authority search indemnity. |
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| Request a statement of account from your existing mortgage lender. |
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| Ensure you obtain consent from anyone with a legal charge over your property – e.g. personal liability for a business loan. |
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| Advise on related financial issues, such as Stamp Duty Land Tax or any change in ownership.
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| Provide the mortgage deed for signature. |
Sign acceptance of the mortgage deed. |
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| Receive the funds from your new lender.
| Release the funds. |
| Pay off the previous mortgage as well as related debts and costs, such as the valuation.
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| Update your mortgage details at the land registry.
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| Complete all the paperwork.
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This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.06.03.19