Changing your mortgage may seem like a difficult process, but with the help of an efficient solicitor, it can be much easier than you think from a legal perspective and cost effective in the long term.
Your solicitor cannot advise you in relation to your loan offer, however your mortgage broker will be happy to assist you in this regard.
Some lending institutions are offering contributions to your legal fees if you move your mortgage to their facility.
Your solicitor will first write to your original lending institution and request your title deeds to review and ensure all documents are in order for your new mortgage provider.
Once you have your life insurance and home insurance in place, your solicitor will then forward all documents to your new lender and request the drawdown of your mortgage funds.
On the same day your new loan is released, your solicitor will then redeem your original mortgage. Your solicitor will then prepare an application to have your previous legal charge removed from your title and have your new mortgage registered on title.
The original title documents will then be sent to your new lending facility.
If there is an outstanding balance once redemption funds have been sent to your previous mortgage provider and your legal fees have been deducted, this money will be returned to you.
Call McElhinney & Associates Solicitors today where one of our experienced conveyancing practitioners can assist you in relation to switching your mortgage provider on (074) 9175989. or email us at admin@mcelhinneyassociates.com
*In contentious business a Solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement.
**This information is for guidance purposes only. It does not constitute legal or professional advice. Professional or legal advice should be obtained before taking or refraining from any action as a result of the contents of this publication. No liability is accepted by McElhinney & Associates for any action taken in reliance on the information contained herein. Any and all information is subject to change.
