1. A re-mortgage is when you pay off your existing mortgage or other charges of a financial nature secured on the property by taking out a new mortgage usually with a different bank or building society. We will not advise about the financial aspects of your mortgage transaction unless you specifically ask us to do so and this would normally be an issue for your mortgage adviser.

2. When we receive your instructions to act for you on a re-mortgage we will need to know from you the location of your Title Deeds, your mortgage account number, the approximate amount owing to your bank or building society and details of any other charges or matters of a financial nature secured or registered against your property.

3. Once we have this information we will then apply for your Title Deeds and documents for which your bank or building society will charge an administration fee.  We will usually proceed with indemnity insurance in place of searches. However, if this is not acceptable to your new lender, we will advise you as soon as possible and request a payment from you for the relevant search fee. We cannot apply for the search until you have made this payment.

4. Upon receipt of your deeds we will then apply for an up to date copy of your title to the property from the Land Registry.  This document will show if there have been any further entries made against your property from when you originally purchased it.

5. When we receive your new mortgage offer we will then contact you regarding the mortgage offer and to deal with any requirements or conditions in relation to this.

6. Once we have the mortgage offer and Office Copy Entries and we have discussed matters with you and dealt with any queries we will then set a date for completion of your re-mortgage and advise you accordingly.

7. Once the completion date has been set we will then apply for the release of the new mortgage funds, apply for a bankruptcy search, land registry search, redemption figure and ask you for any money that we may require to complete the transaction.

8. On the day of completion we will redeem your existing mortgage together with any other financial charges subject to receipt of clear searches, if there is any money payable to you at the conclusion of the transaction we shall send you a cheque.

9. After completion, we will then make an application to the Land Registry to remove your old mortgage from the title and register the new mortgage.

As you can see from the above the transaction is quite complicated and precise. There are many potential pitfalls. We believe the prices that we are charging are the very minimum that can be safely charged if a full and complete services is to be provided.

At Jackson Lees, we aim to provide an open friendly and accessible service. 

We look forward to dealing with the transaction on your behalf and would strongly advise that on completion you review your whole financial position and ask us about making a will and Lasting Power of Attorney.