How long will my property mortgage or remortgage take?
How long it will take from you instructing us and/or us receiving your new Mortgage Offer until a completion date is set will depend on a number of factors. The average process generally takes anywhere between 2-4 weeks.
It can be quicker or slower, depending on any third parties we have to contact. Hence the mortgage of leasehold properties sometimes takes longer, say 3-6 weeks, because there are additional parties to consult (landlord, management company etc). If you are mortgaging a leasehold property that requires an extension of the lease or a lease variation to correct a defect, this can take significantly longer, usually between 3 and 6 months. In such situations additional charges would apply.
If a transfer of ownership is involved at the same time, please contact us to discuss the timescale as this will depend on many factors. Additional charges also apply when a property is being transferred at the same time as a mortgage or remortgage.
Stages of the process
The precise stages involved in the mortgage or remortgage of a residential property vary according to the circumstances. The exact order in which they take place also varies widely. However, below we advise the key stages that apply to most properties throughout the course of the transaction:
- Take your instructions and give you initial advice
- Obtain title records and check legal arrangements are suitable for your lender
- Check mortgage repayment figures and verify there are sufficient funds, or finances are in place to fund any shortfall if needed
- Check and help you to respond to the lender’s requirements
- Go through the mortgage conditions with you
- Send mortgage document to you for signature
- Agree completion date for the new loan to be completed
- Arrange for all monies needed to be received from lender and you
- Complete the new mortgage and notify you that this has happened
- Deal with redemption of any existing mortgage or secured loan, and its discharge from the title records at H M Land Registry
- Deal with application for registration at Land Registry