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Step 1. (of 5) Request deeds and information.
Your solicitor writes to your present lender and asks them for a Mortgage Redemption Statement and the Title Deeds. At the same time a Local Authority Search is applied for if your new lender requires one. Any other necessary searches are also sent off for.
Step 2. Receive mortgage offer
Once your new mortgage application has been finalised a Mortgage Offer will be issued. By this time your title deeds and searches as requested in step 1 should have been received. If searches have been requested then you and the lender are of any problems with the search results.
Step 3. Sign mortgage deed
A completion date is arranged for the earliest possible date and the Mortgage Deed sent to you for signature and return. Your current lender is asked for an updated Mortgage Redemption Statement so we have the exact figure owing to your existing lender. The completion date is usually arranged for the end of the month to assist you in regulating your mortgage payments.
Step 4. Completion day
As soon as your solicitor receives the money from your new lender they will send the amount owing to your existing lender to pay off the mortgage. Any balance due to you is also sent to you on that day.
Step 5. After Completion
The mortgage deed is sent to the Land Registry so that they can amend and update their records. Once they have done this, the Title Deeds are sent back to your solicitor who then sends them on to the new lender.
[End of guide]
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