How long does it take remortgage application

Peco141

Following a transfer of equity, once property is surveyed by lender, how long does it take to finalise a mortgage application?

theartfullodger

? Transfer of equity ?? Meaning what exactly in this context please?? Have you (fully??) paid off the existing mortgage?? (If so,, err,... why??)

Is the remortgage straight-forward (eg easy LTV, you've wonderful credit rating & income etc etc ..) or terrible (eg 99% LTV, lousy credit rating, you only get JSA...)??

Peco141

Sorry I was a bit vague.

I held a mortgage with another person. Having moved out of the property, the other person wanted to keep the property therefore I signed a transfer of equity. They are required to re-apply to own the mortgage in their own name.

The other person has advised me that a survey has been carried out on the property by a lender.

I wondered if someone could tell me how long it is likely to take for this mortgage application to be finalised after a survey has taken place.

Peco141

Anyone got any ideas?

kingstreet

Are you sure it's a remortgage?

Is this a new mortgage with a new lender, or simply a "one-off" transfer of equity with the current lender?

Peco141

I'm not sure if it's a remortgage with the current lender or a new lender altogether.

It's now at the stage that the other person has has applied for a new mortgage in their own name and the house has been surveyed by the lender.

I just want to know how much longer it will take to get my name off the property having signed the transfer of equity and at this stage the mortgage application process?

kingstreet

In a way, you signing the forms has probably given you unrealistic expectations. The mortgage process comes first, with you either being removed from the current one, or an application being made for a remortgage to a new lender in the other party's sole name.

Once the mortgage has been offered, the lender in each case will pass the matter to the solicitor for the transfer of equity to be completed. The other party's solicitor has to write to you asking if you agree to the transfer and suggesting you take independent legal advice. Once this is done, the Land Registry forms are completed and the transfer of equity finalised.

The whole process normally takes a couple of months.

Are you wating to do anything in particular, like apply for a mortgage yourself? If you are, go ahead and do it as the only thing which may be affected is completion, and that's several months away for you. You simply tick the box on your new application to indicate the current mortgage will be repaid.

Peco141

Hoping to apply for a mortgage as soon as possible. I just assumed that since the survey had taken place it would just be a matter of the lenders and solicitors arranging papers to be signed so presumed a couple of weeks.

Your post suggests I might have a longer wait on my hands though.

kingstreet

Like I said, you don't have to wait for it to be concluded. Simply confirm to the new lender the old mortgage will be repaid before completion of the new one and you'll be fine with things happening concurrently.

meer53

I'm remortgaging with a new lender and my ex has signed a transfer of equity form so that the new mortgage can be in my sole name. I started this in October last year. No date for completion yet.

Peco141

meer53 wrote: »

I'm remortgaging with a new lender and my ex has signed a transfer of equity form so that the new mortgage can be in my sole name. I started this in October last year. No date for completion yet.

If it's not too intrusive a question can you tell me what could hold it up so much?