The process of remortgaging a property
Engage a solicitor to take up the title deeds:
Your solicitor should be contacted as early as possible in the process. Your solicitor will then be able to obtain the deeds of your house from the bank that holds your current mortgage. This can be done by signing a document called an Authority that will be sent to your current lending institution, authorizing them to release your title deeds to the solicitor. Taking up Title Deeds from the bank takes between 4 & 6 weeks.
The new documentation for your loan
Your solicitor will receive a formal loan pack once a different bank/lending institution approves your loan. Your solicitor can prepare the new loan documentation for you once they receive your deeds from your previous lender or bank. It is necessary to prepare several documents, which our solicitors can guide you through. A solicitor will contact you after reviewing the mortgage documents and the Loan Offer so that you can sign the documents, and they will arrange for the documents to be returned to your new lender after the signing has taken place.
If you are to obtain a new loan, you may need life insurance, so you should do so as soon as possible. A delay in acquiring the Life Policy will delay the drawdown of your new loan.
Drawing down on your mortgage.
As soon as you draw down your new loan, your solicitor will pay off the outstanding balance on your old one, after getting redemption figures from your old lender. A Deed of Discharge will be issued by the bank once the outstanding balance has been cleared.
The registration process.
Once your new mortgage documents are lodged with the Property Registration Authority, your old mortgage will be removed as a burden against your property.
Documentation relating to the title.
Upon completion of the loan registration, your solicitor will forward a completed Certificate of Title & title deeds to the bank/lending institution that will hold them for you until you request them again.