06 February, 2012

Kingfields Solicitors

 

 

The process for a Re-Mortgage transaction is listed below.

These Procedure overviews show you the process and order in which your transaction flows. It’s a quick reference for you to see where your case is at, and what is needed before it moves onto the next stage. If you want to find out more details about each stage, you can log on to our website using your user name and password.   Important Notes:
These steps are typical of the average re-mortgage transaction but often chronology can change. We will advise you if and how this might happen on your transaction.
 
  Phase I - Instructions to Act for You
 Step 1    Step 3
KINGFIELDS receives Instructions from you and sends you:
  1. Instruction Form
  2. Client Care Letter/Terms and Conditions
  3. Verification of Identity Form
   You need be arrange your valuation and for your mortgage offer to be forwarded to us as soon as possible.
 Step 2    
You need to:
  1. Complete and return the Instruction Form
  2. Provide us with the due diligence documents
  3. Put us in funds for an on Account Payment of £250.00 so that we can submit the Local searches
  4. Provide us with your mortgage account details so that we can request your property deeds from your current Lender
    
 
  Phase II
 Step 4    Step 6
KINGFIELDS checks the results of the searches and the title deeds   KINGFIELDS will receive your mortgage offer and check that the offer is correct.
 Step 5    
KINGFIELDS sends you the Mortgage Deed to sign and return.    
 
  Phase III - Completion
 Step 7    Step 9
KINGFIELDS arranges for the following:
  1. Redemption Statement from your current lender.
  2. Drawdown of funds from your new lender.
  3. Provides you with a financial statement and if funds are required from you than you will have to make arrangements to transfer the funds to us before we can complete.
   KINGFIELDS completes the Re-Mortgage once all the matters have been dealt with.
 Step 8    Step 10
KINGFIELDS makes the necessary pre-completion search such as a check at the Land Registry.   KINGFIELDS informs you of the completion and transfers any balance of funds due to your account.
 
  Phase IV - Post Completion
 Step 11    Step 12
KINGFIELDS discharges your current mortgage on completion.   KINGFIELDS will now:
  1. complete and submit to the Land Registry with supporting documents, the application to register your lender as the new mortgagee
  2. give notice of your new mortgage to the Landlord (if leasehold).
  3. Sends to you and the lender all appropriate documents once the Land Registry have completed the application.