Work included and key stages
The precise work and stages involved in the mortgage or remortgage of a residential property vary according to the circumstances. However, we have set out the key stages
involved in a typical mortgage/ remortgage transaction:
- Take your instructions and give you initial advice.
- Obtaining your title deeds.
- Checking the title of your property.
- Carrying out a Local Authority search if required by your lender.
- Acting on your mortgage lender’s instructions.
- Explaining the terms of your mortgage to you.
- Preparing the mortgage and other documents and obtaining your signature to them where appropriate.
- Reporting to the mortgage company and obtaining the mortgage advance.
- Completing the remortgage. This is the date when the old mortgage will be repaid and the new mortgage will commence.
- Registering the transaction with the Land Registry.
- Forwarding the title documents to the mortgage company and accounting to you for any money held on your behalf.
Our service will not include any of the following:
- Advice on the value of the property.
- Advice on the suitability of your mortgage or any other financial arrangements.
- A physical inspection of the property.
- Advice on any search result findings that identify contaminated land, fracking sites or other environmental issues.
- Advice on tax (other than SDLT) or other accounting matters.
Approximate/ average timescales
The length of time that it will take to complete your mortgage or remortgage will depend on a number of factors. However, the average process takes up to 4 weeks.
It can be quicker or slower depending on the parties in the chain and the efficiency of third parties involved in the mortgage or remortgage such as your lender, search providers
and the relevant local authority to conduct your local search if required.
Factors that could increase costs
In some circumstances we may increase our fees to account for additional time, work or skill required to meet your instructions. Examples include:
- If your lender makes detailed instructions requiring us to deal with matters other than those relating to the title to the property.
- If your lender instructs another conveyancer to act for them.
- If the lender requires anything other than a simple certificate of title (a simple certificate of title is standard with most lenders) in order to send the mortgage funds to our
- If a trust document is required.
- If there is a defect in the property title which requires remedying prior to completion.