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When you borrow money from a bank, building society, private individual or other financial institution they take the property as security secured by way of a mortgage or legal charge against the title of the property. The charge remains until it is either repaid or the property is sold. The charge gives the lender rights over the property specifically the right to repossess if the loan is not repaid.
A remortgage is when you already have a mortgage with one lender and you refinance with another lender.
Not usually, but this depends on the lender and the locality of the property, most require either a local authority search or search indemnity insurance which covers all searches.
All lenders require you to have a solicitor, either one of their own or one of your own choice because in addition to your own interests the lender’s interest must also be protected from anything that may affect their security, most mainstream lenders are happy for one firm to act for both the lender and the borrower.
Usually about 4 to 5 weeks.
For further information or a quote please contact Alison Mason.