Appoint a Solicitor
Obtain a written estimate of fees and outlays and sign an authority for your solicitor to take up your title deeds held by the bank. Do this as early as possible in the transaction to avoid delay as it can take time to take up your title deeds and your solicitors will need the title deeds before any loan documentation is signed. If you have made any alterations or extensions to your property since it was purchased or built, inform your solicitor of these changes, providing any planning documents which may not be with your title deeds.
Loan Pack Received
Give your new bank or building society your solicitor’s details so that once your lender has approved your loan in writing, your solicitor will receive the formal Loan Pack. It is normal practice that a Letter of Offer setting out the main details of the loan is also issued to you.
Sign Loan Pack
When your solicitor has checked the loan pack and reviewed title 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.
Redemption Figures Obtained
Your Solicitor obtains redemption figures being the amount required to clear your existing loan.
Your solicitor receives your loan cheque.
Outstanding loans are paid off with the loan cheque as specified in the conditions outlined in the Letter of Offer.
Account to You
Your solicitor will account to you for the balance immediately after paying off your mortgage. 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.
Your solicitor, on completion of registration, returns your title deeds, to your Bank or Building Society together with a certificate confirming that you have a “Good Marketable Title.” At this stage your solicitor closes off your file.