Are you stuck into great financial troubles because your remortgaging process is stopped by some of the complications after the redemption statement has come? Well, it can be well assumed that you are going for remortgaging just because your old mortgage scheme is giving you some troubles. Therefore, it is very important that you can transfer yourself to the new scheme as fast as possible. If you are stuck in the process, then look up here for details.
Completion of the Remortgage
Once, you receive the final redemption statement, you need to go through clear pre-completion searches. This advances the whole mortgage process and reaches it to the position of completion. For this, you need to supply a completion statement to the borrower at first, where you need to register the details of the remortgaging process. This records even the redemption figure of the old mortgage and all your disbursements and costs.
Once all these are done, by arriving at the day of completion you’ll also need to redeem the value of the pre-existing mortgage. The process of doing this is known as telegraphic transfer. However, unless the lender specifically requests for this, you don’t need to do this. It is important that the lender arrives with the funds and on the day of completion you need to pay the interest and start paying it on a daily basis. Until the lender starts using the EDS1, you’ll need to send DS1 to the lender. In either ways, you need to write to get the redemption of confirmation.
when the process of new mortgage is complete, it needs to be registered. The transaction of remortgage, with no transfer of equity related to it, needs to be submitted here. You don’t need to submit any SDLT1. Once the registration is done, your new lender gets the legal charges of the property.
Transfers of Equity
As part of the transaction, you can have one or more people along with you whose name is need to be added or removed from the title, this process of transferring the names is known as a transfer of equity. This plays a vital role; when it comes to the process of remortgage conveyancing.
Well, all these will definitely help you to get over the process well. However, all you need now is a conveyancer. So, go online to check the remortgage conveyancing solicitors available and choose the one which suits your requirements the best.