Residential Property Mortgage or Remortgage (Freehold and Leasehold) Transaction Time Estimate and Stages

How Long Will My Mortgage or Re-mortgage Take?

The timeframe for completing a mortgage or re-mortgage with a regulated lender is typically around 4-8 weeks, although this may vary depending on specific circumstances. We will keep you informed throughout the process and work to resolve any issues efficiently.

Delays can occur due to factors such as:

• The processing time of your regulated lender.
• Property title issues that may need resolving.
• The involvement of other parties in the process.

If your property is leasehold, mortgaging or re-mortgaging may take longer due to additional requirements, such as obtaining essential information from the freeholder or managing agent including service charges, ground rent, and lease terms. Leasehold transactions are particularly reliant on leasehold management packs, which can take a considerable amount of time to obtain. If a lease extension is required, this could add several months to the process and incur additional charges.

Stages of the Mortgage or Re-mortgage Transaction

1. Conduct Anti-Money Laundering ID and verification checks.
2. Take instructions and provide initial advice.
3. Review CIF (Client Information Form) and gather key details about the property and your circumstances
4. Confirm the lender’s mortgage offer.
5. For Leasehold Property:Review the lease terms and request details from the freeholder or managing agent, including service charges, ground rent, buildings insurance, lease terms, any planned works or major expenditures, and the leasehold management pack (critical for understanding lease obligations.
6. Review mortgage offer.
7. Conduct searches, if required by the lender.
8. Obtain redemption figure (for re-mortgage).
9. Advise on mortgage deed and arrange signing.
10. Agree on a completion date.
11. Request mortgage funds from the lender.
12. Complete the mortgage or re-mortgage and repay any existing mortgage.
13. Account to mortgagor for any excess funds after completion.
14. For Leasehold Property - Notify freeholder or managing agent of new lender and update records.
15. Register the new mortgage at HM Land Registry.