Remortgaging Your House
Are you considering remortgaging your house?
Many people choose to remortgage their property for a variety of reasons. If you have decided that it is a good option for you, we can help. There are several stages involved in a remortgage and it is imperative to hire a solicitor to assist you with the process.
1. Appoint a solicitor
It is important, to contact your solicitor as early in the process as possible. This will enable your solicitor to obtain the deeds of your house from the bank with which you hold your existing mortgage. In order to do this, you will have to sign a document called an Authority which is sent to your current lending institution and authorises them to release your title deeds to the relevant solicitor. Currently, it takes between four and six weeks to obtain the deeds from the bank.
2. Your new loan documentation
Once a different Bank/Lending Institution approves you for your loan, a formal loan pack will be sent to your solicitor. On receipt of your deeds from your previous Bank/Lending Institution, your solicitor will be in a position to prepare the new loan documentation for signing. There are several documents which need to be prepared, and we at Ronan Enright Solicitors will walk you through each one. Once your solicitor has checked the mortgage documents and the Loan Offer, he will contact you to arrange an appointment with a view to signing the documents and will arrange to return the documents to your new Bank/Lending Institution.
3. Life Assurance.
It may be necessary to obtain Life Assurance on your new loan and it is important that you deal with this as soon as possible. A delay with the issue of the Life Policy will result in a delay in drawing down your new loan.
4. Mortgage Drawdown.
When you drawdown your new loan your solicitor will pay the balance on outstanding on your old loan, having obtained redemption figures from that lending institution. The bank will then issue a Vacate which confirms the balance is clear.
Your solicitor will then lodge your new mortgage documents with the Property Registration Authority and have your old mortgage removed as a burden on your property.
6. Title Documentation.
On the completion of the registration of your new loan, your solicitor will then forward your title deeds to your new bank/lending institution, who will hold them on your behalf until such time as you require them again.