Remortgage application pending TOE

bubby08

Hello as the owner of the thread https://forums.moneysavingexpert.com/discussion/6344092/re-mortgage-application-after-transfer-of-equity/p1

I was very fortunate to receive some advice and guidance regarding the process of the transfer of equity which I now think I understand.

My next step is to prepare for the re-mortgage application (the property which is being transferred and registered to myself has no mortgage outstanding)

In terms of the remortgage I have been advised that a mortgage offer can’t be made until the TOE and Transfer of registration is completed, which is subject to months of delay,  although it can be expedited if there is a mortgage application pending. So I am going to make an application shortly, but I have a couple of questions first,

1) For some reason the conveyance solicitor has insisted that the TOE and registration transfer are made inclusive of first middle names and surname, however my bank accounts HMRC records are in just my first and surname, will this be a problem?

2) I am married but will be taking out the remortgage in my solely my name, will I need to provide any information in relation to wife?

3) When I make the application, how do I determine the value of the house, the house hasn’t been sold in nearly 50 years, so there is no recent guide price it is also internally not in a great state and in need Improvements, hence the remortgage.  I gather there will be some kind of survey which needs to made prior to an application being granted, but I obviously need to provide a base value of the property for the application, how can I do this?

4) As I mentioned on the other thread, the conveyance solicitor has said they are only able to undertake the process of the TOE and transfer of registration,  and that  I will need to find a solicitor to assist with the remortgage. Is this true and do I need to find a solicitor before I engage with a mortgage broker? Also would a solicitor be able to assist at this point, given the property is in a state of transition?

Sorry for all the questions, I have tried to be as concise as possible to avoid multiple posts whilst providing as much relevant information as possible.

Thank you in advance.

bubby08

Bump for help !

bubby08

Another bump for help, hoping someone Can advise 

K_S

@bubby08 As the thread hasn't got any responses, I'll try to comment on some of what you've asked.

1. I would expect that the solicitor would know what they are doing with respect to LR submissions etc.

2. Assuming that you are remortgaging a house that you both live in, some lenders will want to know the reason for leaving a spouse out of the application, some will require her to sign a document, some won't care. Depends on the lender.

3. An optimistic rough estimate is fine. You can go by recent sale prices of similar properties on your road, or values from a website like Mouse price, etc.

4. I'm not a conveyancer and can't comment on your specific situation but all the ToE remo cases I can remember have had the same conveyancer do both.

You may get more responses on the House-buying page, please let me know if you would like me to move this thread there.