easiest and quickest way to reduce mortgage balance during remortgage process?

latecomer

Thrugelmir wrote: »

The appointed solicitor is also working for the lender not just you. So will obtain the required information directly from the lender. To ensure that the instruction is completed correctly and follows due process.

Thanks again - I presume you mean the appointed solicitor will obtain the information directly from the current lender - i.e. the one they are not working for?

I still dont see why they cant do this in advance of the date we would like to complete the remortgage on - I'm sure last time it was a lot simpler but then I guess we were just doing a bog standard remortgage.

Thrugelmir

latecomer wrote: »

I still dont see why they cant do this in advance of the date we would like to complete the remortgage on -

They will. Email makes communication more or less instanteous.

ponbeam

Daily online limit is 50k anything higher you should go to a branch

latecomer

Thrugelmir wrote: »

They will. Email makes communication more or less instanteous.

The solicitor said they would request a redemption statement on the requested completion date and then stated the mortgage could then be completed 5-7 days later once it had been received.

I didn't speak to them myself so might give them a call on monday.

Trying_to_be_good

The solicitor will redeem your current mortgage on the completion date - they'll receive the redemption figures a few days (perhaps as early as a week) before, but calculated to your planned completion date. They'll receive the monies from your new lender and pass the required funds to your current lender on the same day - by immediate transfer.

This is why house-buying chains compete over the space of a day (or longer if it goes wrong) as everyone's solicitors need to have confirmation they've received incoming funds (bottom of the chain mortgage or selling price) to pay out the purchase price. It all has to happen on the same day, not repaying the old mortgage (secured on a property that's no longer owned i.e. no longer secured) days later.

I'd still go for the lower stress option of a CHAPS transfer of the repayment, personally!

getmore4less

why the hurry to change.

What is the size of the mortgage the overpayment and the difference in interest rate.

What date does the ERC stop.
Pay the overpayment wait a few days solicitor draws down the new funds to pay off the ballance.

If the money was in a brittania account could you do it as cash(withdraw/deposit) in branch if you have one close.

CHAPS is another way to get the payment cleared same day

Thrugelmir

latecomer wrote: »

I didn't speak to them myself so might give them a call on monday.

I'm at a loss as to what you are concerned about. Conveyancing solicitors conduct hundreds of transactions a year. This is standard work.

latecomer

Thrugelmir wrote: »

I'm at a loss as to what you are concerned about. Conveyancing solicitors conduct hundreds of transactions a year. This is standard work.

I'm not concerned but I dont see why it should take 5-7 days after our chosen date which is what the solicitor told my OH. As you have said it should be done on the requested date with any information required obtained in advance.

The purpose of me calling them is to ensure that this is whats going to happen.

latecomer

getmore4less wrote: »

why the hurry to change.

What is the size of the mortgage the overpayment and the difference in interest rate.

What date does the ERC stop.
Pay the overpayment wait a few days solicitor draws down the new funds to pay off the ballance.

If the money was in a brittania account could you do it as cash(withdraw/deposit) in branch if you have one close.

CHAPS is another way to get the payment cleared same day

I dont have any account with the Britannia other than the mortgage.
The ERC ends on the 31st Jan so the first penalty free day is the 1st Feb.

The differnce in the rates is 2.6% and while the daily interest is not exactly huge, I want to minimise my costs in getting onto the new rate as soon as possible.

We haven't made any payment yet this month so I've changed the direct debit back to the standard amount and will make the overpayemt by fast transfer from my OHs account in the next couple of days to initialise them as a recipient for the larger transfer on the 1st of next month.

Thanks for all the suggestions and opinions - I realise I'm fussing over pretty much nothing but its important to me

latecomer

Just in case anyone is interested in the outcome - we paid down the balance on the mortgage by fast payment on the 1st Feb having made a small overpayment the week before to initialise the payment. The solicitors were notified and took until 6th to confirm the new balance and the mortgage completed on the 8th.

Not exactly impressed with the speed of things with the solicitors but at least its all done now.