When your solicitor has checked the loan pack and brought you through the key terms, documents are signed and completed and sent to the bank or Building Society to allow the drawdown to happen.
Your solicitor receives your loan cheque.
Your solicitor will account to you for the balance immediately after paying off your mortgage. Usually your solicitor will deduct the agreed cost of re-mortgage from the balance left over after clearing your old loan.
Your mortgage is then registered by lodging the necessary documents in the appropriate registry. Registration can take months, if not years, depending on the county and type of property involved. However, this does not affect the ownership of your property.