How long does it take remortgage application

meer53

Peco141 wrote: »

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

No idea, i think the solicitors dealing with it are just slack beyond belief. Then there's my ex's hatred of signing anything that involves him visiting a solicitor, that added 2 weeks to the process. The trauma involved in him getting a passport photo was huge.

Then there was some confusion about a charge against the property from a secured loan we took out in 1993 which was never removed, then there was confusion because i had a mortgage with first direct, then transferred to HSBC, which still shows on the deeds as "Midland Bank" ! I also only work part time so they wanted evidence of my savings. The solicitors were appointed by Halifax and the only thing i've had to pay is the transfer of equity fee which was £318 so i'm not complaining really. I'll get there eventually. Luckily i went through a Financial Advisor so she dealt with most of it for me.

Peco141

I see. Looks like I should just sit bit and wait with fingers crossed.

Peco141

Ok so the application of this mortgage had to be resubmitted as the lenders valuation differed from the the valuation on the application.

1. Now that the "papers have been changed", how long about are we talking for the full process to come to a closure?

2. Additionally can anyone tell me if I'll have to sign anything, presumably I will have to sign something with the solicitor to remove my name from the deeds or sign the missives over to the buyer?

kingstreet

Resubmitted? To whom?

If the valuation was too low, is the applicant continuing with that lender or applying to a new one?

The timescale still depends on how long it takes to get the new mortgage offered and for the solicitor to conclude the transfer of equity. If a new application has been made, you are back at square one.

The solicitor handling the transfer will write to you advising you to seek independent legal advice and asking you to sign and return the transfer forms when you have done so, or chosen to proceed without advice.

Peco141

I only get little snippets of information, things aren't entirely amicable.

As far as I'm aware it was just "paper work" that needed updating therefore I'd assume it was the same lender.

Will the other persons solicitor write to me or my solicitor? I just want my name off this thing.. Have done for 4 years now.

kingstreet

Peco141 wrote: »

As far as I'm aware it was just "paper work" that needed updating therefore I'd assume it was the same lender.

The implications of a property not being valued at what was on the form can be varied. It may be the amount requested is no longer available and a change of lender is required, or a new product has to be selected as the amount to be borrowed now falls into a new loan to value band. One can only speculate...

Will the other persons solicitor write to me or my solicitor? I just want my name off this thing.. Have done for 4 years now

If the other party has a solicitor and has passed on details of your representation, the request should go to your solicitor. Do you correspond via solicitors, or directly?

If you are aware of the firm representing the other party, you could ask your solicitor to write to them asking them to keep your solicitor informed and to correspond only with them. The request for updates may fall on deaf ears, but you can only try...

Peco141

Thanks for taking the time to reply. I really appreciate it.

The other person is very hard work and bitter. I don't get anything, many solicitor letters have been ignored costing a fortune and getting not response, and most text messages asking for updates/progress in application are also ignored until recently where I've had the tiniest bit of feedback, most of which is included in this thread.

Is it possible that the other party can do the whole re-mortgage application in their own name without the use of a solicitor?

Or is it safe to assume a solicitor would need to be involved for the transfer of equity part and/or the signing over the deeds/missives?

Peco141

Where are you kingstreet??