Edinburgh Office
 0131 554 8649
 0131 554 8648
 Email : click here
Musselburgh Office
0131 554 8649
0131 665 7930
Email : click here
Alva Office
01259 763 591
0131 554 8648
Email : click here
|
ELP SOLICITORS’ GUIDE TO RE-MORTGAGING
The process involved in re-mortgaging is as follows:
We will obtain your title deeds from your current lenders and then examine title on behalf of the new lenders. We will also have to check that any documentation for alterations, damp-proofing etc. as is mentioned in the survey report (if any) is available, and if not we will discuss this with you and decide what action, if any, should be taken.
Once we have obtained loan papers from your new lender and studied these to ensure that they are in order, we will then agree with you a date on which to settle the re-mortgage.
We will arrange for your new lender to transfer your loan funds to our bank account on that day and obtain a redemption figure from your existing lender to show how much we must pay to your existing lender to close your current mortgage.
Shortly before the date of settlement we will see a search of the Sasine Register, the Land Register, the Register of Inhibitions and Adjudications, and the Register of Insolvencies.
The purchase of the search is to prove that you are the current owner of the property, that there are no outstanding Standard Securities (i.e. mortgages) over the property other than your existing mortgage and any other secured loans you have told us about, that you have not been inhibited or sequestrated (as this may affect settlement of the re-mortgage) and whether any other relevant deeds relating to the property have been registered.
Before settlement it will be necessary for you to sign the Standard Security in favour of your new lenders. This is the document which gives your lenders the right to repossess your property if you do not comply with your mortgage conditions (the most important of which is to pay your monthly mortgage payments).
On the date of settlement we will receive the loan funds from your new lender, repay your existing loan from the new loan funds, deduct our fees and outlays and then transfer the remaining balance to you. If the funds from your new loan are insufficient to repay your existing loan and/or settle the fees and outlays, we will ask you to pay the shortfall on or before settlement of the re-mortgage.
We will then send the Discharge of your existing mortgage and the Standard Security in favour of your new lenders to Registers of Scotland for registration. When we receive the Land Certificate back from Registers of Scotland we will check it and send it along with the other relevant documentation to your lenders. We will also send a copy of the Land Certificate to you so that you have it available for reference at any time.
If you have any questions on re-mortgaging property or would like any more information, please get in touch with us.
|
