Since the return to growth in the Irish economy and the increase in house prices there is now a well founded desire by many Irish home owners to move from their mortgage providers. The question arises as to what is involved in the process from a legal point of view in re-mortgaging your property. Firstly the main consideration is what is the cost involved and will such costs outstrip any savings made. We now set out the legal process involved in the re-mortgaging process in ten steps.
1. You initially obtain a new loan offer from your new lending institution. One of the items involved in this process is to name the solicitors firm you will be using to complete the process on your behalf. We have acted on behalf of hundreds of client’s in the re-mortgaging process over the years and offer the most competitive low cost fixed price re-mortgaging quotations on offer in the Irish market.
2. Once your loan offer has issued a copy of your loan offer will be sent to you directly and on the same day a copy of your loan offer will have been sent to your solicitor together with the legal mortgage documents. These documents will generally include the following:
a) legal mortgage charge in duplicate
b) Original Loan Offer
c) Assignment of Life Policy
d) Clients retainer and authority for your solicitor to act on your behalf with your lending institution
e) Solicitors undertaking to the bank to guarantee that your solicitor will provide the first legal charge on the property on behalf of your bank.
f) Cheque Requisition form
g) Certificate of title for completion when re-mortgage concluded
3. Once you have instructed your solicitors to act on your behalf they will have to proceed to take up the title documents from your lending institution. It is out experience that it can take between two to six weeks from the time of the request to release the title documents until they are actually received. This ultimately means a delay. It is possible to avoid this delay by appointing your solicitors immediately that you make the decision to proceed to complete the re-mortgage application. This will mean lesser delays and a quicker turnaround time thus saving you money in the longer term.
4. Once we have the title documents we will check the title documents and ensure that all is in order. We will complete all additional documents that are required to be completed prior to the execution of the mortgage documents such as the Family Home Protection Act Statutory Declarations, The Section 72 Statutory Declarations etc.
5. You then will be contacted to attend at your solicitors office to sign all of the re-mortgage documentation at a time convenient to you.
6. All documentation is sent into the mortgage processing unit of your lending institution. We keep in regular contact with the completions section of this unit to see if there is any additional documentation required from our office or from our client’s to allow for the release of the re-mortgage funds.
7. On the completion date which is the date upon which the mortgage funds from your new lending institution are release we will seek the redemption figures from your current lenders to see what amount to the cent is required to allow for their mortgage to be discharged in full. We carry our all searches as against the relevant parties and the property and we proceed to discharge your prior mortgage by electronic funds transfer.
8. We then proceed to register the new mortgage and seek to have the prior mortgage vacated as against your property.
9. We release any excess re-mortgage funds to you on the day of the completion of the re-mortgage.
10. We complete all Property Registration Authority registrations, We then return all title documents to your new lending institution.
It should be noted that since the introduction of mandatory registration of title in the Land registry there may be additional works involved in the re-mortgaging of your property if the title to your property is currently unregistered title. This only will be apparent to your solicitor when they have taken up the title documents to your property.
We offer fixed professional fees of €495.00 plus vat and outlays for the completion of the re-mortgaging process on behalf of clients. Contact us directly and we will be happy to send you a draft quotation with no obligations.