How long will it take to complete my re-mortgaging transaction?
JMR Solicitors aim to complete your remortgage within 6-8 weeks from the date of your Mortgage Offer, subject to all conditions being agreeably met in harmony with your lender requirements.
However, completion may take longer if your remortgage involves additional work, for example, a Transfer of Equity or Deed of Postponement.
How will I receive my remortgage funds on completion?
We send your balance funds to you by one of the following methods:
- some lenders may send the balance due directly to your bank account.
- by Telegraphic Transfer (TT) direct from JMR Solicitors
- by Cheque direct from JMR solicitors
What happens upon completion of the remortgage and who will pay off my mortgage?
On the day of completion, we will:
- finish the payment on all secured lending on your property. Unless you instruct us to postpone payment, subject to lender approval.
- send any balance to you by way of Cheque or TT.
- serve Notice on your Landlord/Management Company if your property is Leasehold
- Make the existing lender and yourself aware in writing that completion has taken place.
How will I know what stage my remortgage is at?
You can call the JMR Solicitors office in Manchester on 0161 491 3933 for an update on your remortgage application.
What is a shortfall?
A shortfall can happen when you owe your current lender(s) more than you are borrowing from your new lender.
What will happen to my overpayments?
If any overpayments are made to your current lender these will be refunded to you.
When should I stop my direct debits?
You should only cancel Direct Debits once you have been recommended by us on completion of a remortgage to do so. This will be confirmed to you in writing by us.
For legal advice and counsel on remortgaging matters, contact JMR Solicitors. We have an unparalleled reputation, for ensuring a swift and stress-free completion of residential property matters. We have an intimate understanding of property law, coupled with a talent for communicating key aspects of it to our clients in an accessible way.