How long it will take from the Mortgage Offer being issued and completion of your new mortgage will depend largely on your lender’s requirements. The average process takes between 3 – 5 weeks although this could take longer should you wish to complete at the end of a current fixed rate mortgage thus avoiding any early repayment penalties which may apply.
Stages of the process
The precise stages involved in a mortgage/re-mortgage vary according to the circumstances. The key stages are detailed below:
Take your instructions and give you initial advice
Receive and consider your Mortgage Offer
Consider the title to your property
Carry out searches (if required by the lender)
Obtain quote for Indemnity Policies (if acceptable for the lender)
Ensure that all of the lender’s requirement can be met
Raise necessary enquires with you in compliance with your lender’s requirements
Give you advice on the Mortgage Offer
Send the Mortgage Deed to you for signing
Agree completion date
Report to your lender
Obtain a redemption statement (if we are redeeming an existing mortgage)
Obtain pre-completion searches
Complete your mortgage/re-mortgage
Deal with the application for registration at Land Registry
Who will act on my behalf?
Currently there are 4 people in our Property Department that may undertake this work for you. If you refer to the “Our People” page our website you can see details of their qualifications and experience. Our Partners, Nicola Baddick and Ann Harris, who are both Solicitors, work within our Property Department and they supervise all work undertaken in the Department.