This note is prepared to provide guidance to clients who are re-mortgaging properties with our assistance. It is intended to be a guide not as to the legal aspects, on which we will report during the transaction, but as an outline of the procedure. We stress that it is only a guide and there can be significant differences on particular transactions.

We are normally informed of a re-mortgage by the client but sometimes we receive this information from the mortgage broker. If that is the case and we have not heard from the client we will contact you before taking any action on your behalf. At the time instructions are confirmed we will give you an estimate of the costs, VAT and disbursements that will be payable. This estimate is a guide and if a transaction is unusually complicated or there is an abortive purchase our fees will be higher than the estimate. As and when this becomes apparent we will give you a revised estimate. We will charge for abortive work on the basis of the time spent. Hourly rates are given in our firm information sheet. The costs and other disbursements are payable at completion except for the local authority search fee which is paid to us when you want us to submit it.

When you have confirmed instructions we will write to your current mortgage lender to ask them to provide us with the deeds to the property. When we have received the deeds it is customary to carry out a search with the local authority to make sure that there are no adverse entries in respect of the property. Save in exceptional circumstances this search does not give any information regarding the area or adjoining properties. For example it will not reveal whether an application has been made for planning permission to re-develop a nearby open space.

This process should be completed within four weeks of receiving the initial instructions. However this does depend on factors outside our control, for example how quickly the deeds are provided by the mortgage lender and how long it takes the local authority to process the search. If you do not wish us to do any work on the transaction before you have obtained a mortgage offer please let us know.

When you instruct us to proceed we will prepare the mortgage documents for your signature, carry out pre-completion searches, report to the lender to obtain the mortgage advance and obtain a redemption statement from your current mortgage lender. As soon as we have been given the exact redemption figure we will prepare a completion statement showing the amount required to complete the re-mortgage, inclusive of our costs and disbursements. Normally you will receive a sum from us after your existing mortgage and all fees and disbursements have been paid. If this is for a large sum we would expect you to collect our cheque in person at our office. You may want a cheque posted or the sum due sent direct to your personal bank account by telegraphic transfer. If you require a telegraphic transfer there will be a bank charge of £25.00. If you are required to place us in funds to complete the re-mortgage and you intend to let us have the balance by a personal cheque it is essential that we receive it at least seven days before completion so that we have time to clear it. This is not because we doubt the cheque will be met but because we must have cleared funds in our client account before drawing on it to complete the matter.

Please note we are required to obtain evidence of your identity before we can proceed to draw down a mortgage advance and we will ask you to bring such evidence with you when you sign the mortgage papers. Normally a valid passport will be sufficient.

After completion has taken place we will discharge the existing mortgage and register the new mortgage at the Land Registry. That normally takes three weeks to complete and once it has been done the title deeds will be sent to your lender. Copies will be sent to you.

If you have not already done so, you should seriously consider making a will to ensure that your property and other assets pass to those whom you wish to benefit. We shall be pleased to advise and provide an estimate of the cost.

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