How long will it take to complete my transaction?
The estimated time is 4 – 6 weeks. The timescale does depend on how long it takes you to get us information regarding the property history, obtaining any documents such as planning documentation from the council where necessary and whether or not your lender requires searches.
How will I receive my funds on completion?
The lender will generally send the funds to us and we will transfer these, less our fees and disbursements to your account after paying back any existing mortgage secured against the property. The payment will be sent via BACS or CHAPS (premium same-day payment) depending on value.
What will happen on completion & who will pay off my mortgage?
If you have an existing mortgage we will obtain a redemption figure from your existing lender and we will redeem the mortgage on completion of your new mortgage. On completion we will receive funds from the new lender and will deal with the repayment of the existing mortgage. We will confirm to you and both the old and new lenders that completion has taken place.
Can I remortgage more than once?
You can subject to any terms of your current mortgage and being able to obtain a new mortgage. You should check your existing mortgage to check for any early repayment fees which would be applicable.
What is a Transfer of Equity?
A change of ownership of the property. This can be linked to a remortgage.
What are surplus funds?
They are funds left over after payment of an existing mortgage, legal fees and disbursements.