Question on remortgage

nick1234

hi
My 3 year mortgage with Virgin comes to an end soon and I got a new deal with HSBC a few months back via a broker and have almost completed all the checks with the solicitors appointed by HSBC.  My current deal expires on 1 July 2020, is this the "exchange date" I should advise the solicitors of, to avoid any early redemption fees?

Also when does a final redemption certificate need to be requested if exchanging 1 july?  I don't understand what does means on Virgins site, what is a Certificate of Title mean and who obtains this?

If you are requesting a redemption statement for an existing Virgin Money Mortgage customer who is transferring their product to a new property, the redemption statement will be issued with the customer’s full Early Repayment Charge. A revised redemption statement will be issued once we have received the Certificate of Title with either a reduced or removed Early Repayment charge, depending on our porting policy. There is no need to request an additional redemption statement.

https://uk.virginmoney.com/mortgages/forms/redemption/

kingstreet

It's completion date, not exchange date.
Solicitor/conveyancer handling remortgage obtains redemption statement and submits certificate of title to new lender for release of funds ahead of completion.

nick1234

kingstreet said:

It's completion date, not exchange date.
Solicitor/conveyancer handling remortgage obtains redemption statement and submits certificate of title to new lender for release of funds ahead of completion.

ok thanks, so when should this redemption certificate be obtained if I wish to complete on 1st July, to give them enough time to submit certificate of title to HSBC?

kingstreet

A week or two before.

nick1234

kingstreet said:

A week or two before.

is there any harm in doing it now or would it need to be requested again for the latest outstanding balance?

Thrugelmir

A redemption statement now is worthless. Your conveyancer will handle all of this at the appropriate time.