PARTRIDGE & WILSON
——— SOLICITORS ———

RE-MORTGAGE

Below is a broad outline of the work which would be done for you and the chronological stages of the transaction:-

1. On receiving your instructions to proceed we will request a cheque from you for the initial searches which will include the local search and water authority search.
2. We will apply for your deeds and once received we will check the legal title very carefully on behalf of your new lender.  We shall make such various searches and enquiries as are necessary to bring the deeds up to date.
3. We shall make an application for a local search.  This is a requirement of your new lender and will tell us about such things as planning applications/decisions, road schemes, financial burdens and any special conditions such as conservation areas.
4. With regard to your new mortgage, we will wait until an offer is made to you, and as we also act for your lender, we will wait for their instructions.  The terms of the offer/ instructions will be carefully checked by us.  We will not, however, provide you with advice on the type of mortgage offered but will advise you upon the consequences of taking a mortgage and upon the conditions which you will need to observe before the advance money is released.
5. When all searches and enquiries are finalised and the financial arrangements are concluded it will be time for you to sign the mortgage documents.  We are now required by lenders to verify your identification.  To do this we shall ask you to either bring or send your passport or driving licence.  We are required by law to check your name and address to comply with the “Money Laundering Regulations” and we cannot proceed until this point has been attended to.  Your original documentation will be returned to you immediately.
6. We shall arrange a completion date after liaising with you.  We shall obtain a redemption statement calculated to that date from your existing lender and will apply for the final pre-completion searches.
7. Our account and a completion statement will be sent to you.  To ensure that any money that is required from you is received in time to clear for completion, you should, if paying by personal cheque, send this to reach us at least four working days prior to completion, or arrange to let us have a building society cheque or banker’s draft.
8. On completion we shall arrange to repay the existing mortgage/loan and will notify your new lender that the matter is now completed.
9. After completion we will attend to the final arrangements by making an application for registration of the title.  You will be informed once this has been completed and a copy of the Charge Certificate will be sent to you.  Your deeds will then be sent to your new lender for safe keeping until that mortgage is repaid.