RE-MORTGAGES
MORTGAGE OR RE-MORTGAGE?
Looking to re-mortgage or secure a mortgage over a property for to access equity? Switching your mortgage provider or releasing equity from your property demands swift legal coordination to ensure a seamless financial transition and we at Esvi are your choice when it comes to a legal representative for mortgage and re-mortgage transactions.
We work directly with your lender to review loan documentation, carry out necessary title checks, and satisfy all legal conditions outlined in your new offer. We ensure your existing mortgage is cleared promptly and new charges are registered smoothly with the Land Registry, helping you secure your new mortgage terms quickly and efficiently.
Looking to re-mortgage or secure a mortgage over a property for to access equity? Switching your mortgage provider or releasing equity from your property demands swift legal coordination to ensure a seamless financial transition and we at Esvi in Peterborough at your choice when it comes to a legal representative for mortgage and re-mortgage transactions.
We work directly with your lender to review loan documentation, carry out necessary title checks, and satisfy all legal conditions outlined in your new offer. We ensure your existing mortgage is cleared promptly and new charges are registered smoothly with the Land Registry, helping you secure your new mortgage terms quickly and efficiently.
TIMELINE FOR OWNERS
3. Liaising with Lender
Upon receipt of your signed documentation and money paid on account we can begin the process of speaking with all lenders. Obtaining the redemption statement, receiving your new mortgage offer and applying for any indemnity insurance where necessary. Please note that a condition the new lender may you require to conduct searches on the property.
2. Complete Requirements
Upon receipt of the client care letter please complete all of the forms therein and pay the required money on account. You will not need to provide any ID as we will send a link to you via e-mail to complete your ID checks. At this stage in the transaction please also provide details of all lenders involved and the details of your mortgage broker.
1. Confirm Instructions
After receiving your quotation let us know either by e-mail or telephone that you would like to proceed and also provide details of your estate agent so that we can obtain the memorandum of sale (document listing details of the buyer, seller and their individual legal representatives). Upon receipt of both items we will open a file on our end and send a client care letter to you.
5. Completion
On the specified date for completion we will receive the mortgage funds from your new lender and will use this to redeem the existing mortgage (if there is one present). On completion monies are also paid to you. After completion we will submit an application to HM Land Registry to register the interest of the new lender and remove the existing charge if any.
4. Agree Dates
Once in receipt of the signed documentation and satisfactory AML we will be able to confirm dates with you. Upon confirmation of the date we will submit a request to your lender for the mortgage funds to be available on the specified date. A completion statement will also be provided to confirm the sum payable to you upon completion.
EARLY
REPAYMENT
CHARGE
An Early Repayment Charge (ERC) is a penalty fee levied by a mortgage lender if you pay off your mortgage early, switch deals, or overpay beyond your annual limit during an initial promotional or fixed-rate period.
Designed to compensate the lender for lost interest, the percentage of the ERC is often decreasing each year of the deal.
The ERC is usally noted on the redemption statement but can always be confirmed by contacting your lender directly and asking about the expiry date.
EARLY REPAYMENT CHARGE
An Early Repayment Charge (ERC) is a penalty fee levied by a mortgage lender if you pay off your mortgage early, switch deals, or overpay beyond your annual limit during an initial promotional or fixed-rate period.
Designed to compensate the lender for lost interest, the percentage of the ERC is often decreasing each year of the deal.
The ERC is usally noted on the redemption statement but can always be confirmed by contacting your lender directly and asking about the expiry date.
FREQUENTLY ASKED QUESTIONS
Do I need a solicitor/conveyancing for buying and/or selling a house?
Yes. You will need to appoint a legal representative who will deal with your property transactions who will deal aspects such as raising the draft contract documentation on your sale or raising searches and enquiries on your purchase. Instructing a legal representative is important to protect your interests especially to ensure that your ownership of the property is registered correctly if you are purchasing.
How long does the process take?
Straightforward transactions are typically expected to take around 8-12 weeks though we aim for completion within 6 to 9 weeks where possible. More complex transaction would take longer than 12 weeks. There are a number of factors that would affect the time it takes to complete such as :
How many other transaction are involved (if you are selling to someone who is also selling their property in order to purchase yours and buying from someone who is also buying from another party - this is known as the chain)
If there any mortgage lenders involved and how long it may take to issue the mortgage offers
If any legal issues are encountered with the property
Search return times
What is Exchange and Completion?
Exchange is the point where contracts are exchanged and the transaction becomes legally binding and Completion is the day on which the funds and keys are handed over. Up until exchange you have the option to withdraw from the transaction however once contracts have been exchanged you must proceed with transaction and can incur a financial penalty for not doing so.
You have the option to exchange before completion (this can either a day, week or a month before) or exchange and complete on the same day (simultaneous exchange and completion). With a simultaneous exchange and completion there is less risk as contracts tend to be exchanged only after receiving the full balances of money.
What are your costs?
Quotations are priced individually per matter and are calcuated based on factors including (but not limtied to) the property price, whether the property is freehold or leasehold, whether a management company is involved and if you are purchasing with a mortgage.
How can I contact you?
You can reach us by on the number or e-mail address at the top or bottom of this page or alternatively complete our Contact form and we will respond as soon as possible (we aim to respond to all messages and enquiries within a 24 hours period).
What is meant by Freehold and Leasehold?
Freehold means you own the property and the land it stands on indefinitely. Leasehold means you own the right to use the property for a fixed period, such as 99 or 125 years, but the land/building is owned by a freeholder and at the least a management company is involved. Leasehold properties may also involve service charges & ground rent (payable yearly) and restrictions set out in the lease.
What is a 'chain'?
A chain is when there is more than one transaction involved. For example, you are buying from a person who is also buying onwards. You are at the bottom of the chain and the person who is only selling is at the top of the chain.
What is Stamp Duty Land Tax (SDLT)?
SDLT is a government tax payable on property transactions. First Time Buyers do not need to pay any SDLT so long as the purchase price does not exceed £300,000.00 and higher rates of SDLT are applicable if you are purchasing more than one property in your name. See the informational sheet for further information. Please do always consult your financial advisor on SDLT.
Can I still sell my property if I have a mortgage?
Yes. Your conveyancer will arrange for a redemption statement to confirm the amount payable to clear the mortgage upon completion. Depending on how long the mortgage has been over the property you may have to pay an Early Repayment Charge (ERC), please check this with your lender.
Phone
This website is owned and operated by Esvi Limited, registered in England and Wales, company number 16281685.
Our legal professionals provide our services through the solicitor's firm, Parity Legal Limited, which is authorised and regulated by the Solicitors Regulation Authority (SRA) under ID Number 658977. Esvi Limited is not regulated by SRA.
Financial services are provided from a number of our trusted and regulated partners.
ADDRESS
Suite 3, DHC Business Centre, 226 Dogsthorpe Road, Peterborough PE1 3PB
07306 696363