Remortgage

Once you have contacted your mortgage lender to confirm your remortgage, the expert acting for you at TFS will send you our Terms of Business confirming the professional charges that we have agreed, together with the cost of the Land Registry fee and other fees that may be incurred (known as disbursements).  Thomas Flavell & Sons prides itself on being transparent and having “no hidden charges”.  You will be sent a Client Information Form to complete.

By law we have to carry out an Anti-Money Laundering check and we will send you details of how to complete this online.  Once this has been completed, if your mortgage lender requires searches, we will send you a text message from our case management system with the link to our bank details and ask you to send us a payment of £350 to cover the cost of the searches.

If your mortgage lender requires searches, once we have received the £350 from you, we will apply for a Local Authority Search, Environmental Report and a Drainage Search as standard.  Depending on where the property is, we may also need to carry our additional searches such as a mining search.  Searches, on average, take around 3 weeks, however searches can take longer during busy periods and it will also depend on the Local Authority’s turnaround time. 

As we will normally be instructed to act for the mortgage lender on a remortgage, we will also have to carry out a title check, in the same way we would if it were a new purchase.  This is to ensure that we can satisfy the mortgage lender that the property offers good security for their loan.  We may therefore need to ask you certain enquiries in order to satisfy the mortgage lender’s requirements.

It is important that you arrange to see your bank, building society or financial advisor as soon as possible to arrange your new mortgage.  It can often take your lender several weeks to process your mortgage application and produce the final mortgage offer.

As part of the lending process, your lender will normally instruct a Mortgage Valuation of the Property.  

Your mortgage lender will send you a copy of your mortgage offer, and we will also receive a copy.  

Once we are satisfied with our title check, we have received search results, and we have your mortgage offer, we will arrange for you to sign the Mortgage Deed and ask you for a completion date.  If you have a current mortgage on your property, we will apply for a redemption statement up to the completion date.  If your current mortgage has a redemption penalty, this will be included in the redemption statement and you should account for this.  If the end of the redemption penalty period is imminent, and you wish to delay completion of your re-mortgage until the end of the redemption penalty period, please let you conveyancer know. 

We will apply for release of your mortgage advance in time for your required completion date (most mortgage lenders require at least 5 working days’ notice).  We will also let you have the financial statement confirming any monies required from you or showing the balance of monies due back to you. 

On the day of completion, any monies due back to you will be sent to you. We will also redeem the current mortgage on your property.  Our application to the Land Registry to register your remortgage will be submitted following completion.  The registration process can take weeks, sometimes months to complete.  Once the registration formalities have been completed we will send you a copy of the updated Title Register, showing the property is subject to the new mortgage, and we will also send a copy to your mortgage lender if they have requested we do so.