Remortgage Solicitor Belfast Top Advice – The Main Reasons Why A Remortgage Can Be Delayed. ( Part one)
Mark Kelly LLB guides us through in a 2 part series..
A remortgage can be a very daunting experience, especially if you are coming to do one for the very first time. You will have a lot of questions and uncertainties about the process, timescales and what is actually required. At RG Sinclair Solicitors & Co we take all the stress and make the process clear, concise and hassle free for you. We pride ourselves in providing an excellent service, keeping the borrower informed at each step. Here are some easy guides to follow to get the process started:
What is a remortgage?
A remortgage is when you end your current mortgage with your current provider and take out a new mortgage with a different lender. When the process is complete, your old lender is paid off in full by the new lender who then takes over as your mortgage provider.
Top reasons why a re-mortgage can be delayed (Part 1).
Whilst 95% of the re-mortgages that we do the legal work for complete within a 4 week period from the point that we get the initial questionnaire back from the borrowers, there are a small number of cases that require additional legal work or checks which can delay the process. Here are the top 5 that we have encountered:
Northern Ireland Housing Executive Property
If you purchased your home at a discount from the Northern Ireland Housing Executive (NIHE) there is a 5-year period in which you will be unlikely to get a re-mortgage. This is because there will be a charge registered against your property in their favour and no other lender will be able to place their charge above NIHE. If there is a small amount of time left on the 5 year period, there are instances, that NIHE will postpone their interest to allow the remortgage to complete. This is something that you should discuss with your broker/financial advisor before proceeding.
Transfer of Equity
When someone is taking their name off the title deeds/transferring their share of the equity of the property to another party, or another party is coming on to title, whilst usually straightforward, there is additional paperwork that needs to be drafted and signed by the borrower(s). This can take time to draft and get executed, in particular if there are third party solicitors involved. It is usually best to make us aware at the beginning of the process if a transfer of equity (TOE) will be involved, as we will require additional information in order to draft the necessary documents.
Northern Ireland Co-Ownership
The most common case in this instance is when the borrower is buying out Co-Ownership and purchasing 100% of the equity. There is additional legal paperwork that is required to be drawn up and executed by the borrowers which can take time to complete as we need to wait for all the information to be provided to us by Northern Ireland Co-Ownership.
Classification of title
For the most part, land is classed as absolute, leasehold and good fee farm grant which are all sufficient for a re-mortgage to proceed as normal. However, there are two other classes that come up occasionally, which can cause small delays and result in additional fees to the borrower. These two are qualified and deemed possessory title. Both of these require two separate forms of additional legal work which we will talk the borrower through.
On occasion, a delay can be caused by the borrower(s) not completing certain pieces of paperwork. The most common examples are:
What do I do when I have a mortgage offer?
Once you have the offer that best suits you, contact Mark at RG Sinclair through phone (02890231770) or email (firstname.lastname@example.org) and he will give you a quote for the firm to do the legal work. When you are happy to proceed, let your new lender know and return the initial paperwork to the person handling your case at RG Sinclair and they will do the rest. At RG Sinclair, we pride ourselves in providing an excellent service, making every step clear and hassle free for the borrower.
About Belfast Solicitors and Law Firm Robert G Sinclair Solicitors
Our purpose is to provide you with legal advice that is clear, simple and transparent to you about your legal needs. You can feel reassured from your very first consultation, when all expectations and fees are made crystal clear before we proceed.
You will be kept informed throughout the process and you will benefit from our vastly experienced team who are experts in many areas from Personal Injury claims to Property to Business Legal Services and Banking.
Please contact us on email@example.com or call 028 9023 1770.